Coca-Cola earnings rise despite dollar drag

Net income for the second quarter rose 19.8 percent to $3.1 billion. Revenues dropped 3.3 percent to $12.16 billion.

Sales in North America, which account for nearly half of overall revenues, advanced 3.5 percent to $5.9 billion. However, revenues dropped in all overseas segments. The biggest decline was in Latin America, where sales fell 13 percent to $973 million.

The soda maker notched global growth of two percent in beverage volumes, a rise that included a one percent gain in Coca-Cola and a six percent increase in Coca-Cola Zero.

Net income was boosted by an accounting gain of $1.4 billion related to the purchase of a 16.7 percent stake in Monster Beverage and the transfer Coca-Cola's energy drink business to Monster.

Net income translated into 71 cents per share, or 63 cents when one-time items were excluded. Analysts had projected earnings of 60 cents per share.

Dow member Coca-Cola dipped 0.1 percent in pre-market trade to $41.15.