Japan earthquake saps Coke profit

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By CNNMoney staff April 26, 2011: 9:46 AM ET NEW YORK (CNNMoney) -- U.S. stocks opened slightly higher Tuesday, as investors pored through mixed earnings results and a report showing housing could be near a double dip

26 April 2011 Last updated at 09:10 ET

Coca-Cola has revealed first-quarter profits that fell slightly short of market expectations.

The US soft drinks firm made $1.9bn (£1.15m) in the first three months of the year, up 18% from a year ago.

Earnings were 1% lower than expected because of lost revenue from Japan, where sales suffered due to last month’s earthquake and tsunami.

But the company benefited from the buy-out of its North American bottling plant last year.

The transaction helped Coke increase its operating revenue by 40% to $10.5bn.

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Japan earthquake saps Coke profit