Coca-Cola sales sink 20% as consumers drink more vitamin water, coffee

Coca-Cola Co reported better-than-expected quarterly profit and sales on Friday as it sold more teas, coffees and vitamin water, sending its shares up 2.4 percent.

Organic sales, which exclude the impact of the company's ongoing efforts to refranchise its bottling operations, rose 6 percent, helped by demand for products such as Georgia Coffee and Glaceau vitamin water.

Net operating revenue fell to $7.51 billion from $9.41 billion a year earlier, but beat the average analyst estimate of $7.36 billion, according to Thomson Reuters I/B/E/S.

Global volume growth remained unchanged even as North America volumes increased 1 percent.

The Fanta and Diet Coke maker reported a net loss of $2.75 billion, or 65 cents per share, in the fourth quarter ended Dec. 31, mainly due to a $3.6 billion charge related to the new tax law. A year earlier the company had posted a profit of $550 million, or 13 cents per share. (http://bit.ly/2Eyyffi)

The company's margins improved by 3.15 percentage points, largely due to divestitures of lower-margin bottling businesses.

On an adjusted basis, the company reported earnings per share of 39 cents, beating analysts' average estimate of 38 cents.