Coca-Cola's core revenue up in third quarter

Coca-Cola's third-quarter revenue and profit fell as the company reported unfavorable currency costs and one-time moves that masked underlying sales growth in its core business.

Net revenue fell 6.9% to $10.6 billion, compared with a year earlier  — but when factoring out exchange rates and one-time items, the company's organic sales rose 3%. Total drink volume rose 1%.

Coca-Cola reported net income of $1 billion for the quarter, down 27.8% for the period. On a per-share basis, earnings were 24 cents, weighed down by the company's decision to refranchise certain bottling operations in the third quarter.

But on a comparable basis, earnings totaled 49 cents per share, edging S&P Global Market Intelligence estimates of 48 cents.

Coke shares (KO) edged up 0.1% to $42.60 by 3 p.m.

In the North America market, Sprite, Fanta, Coke Zero, dairy drinks and Vitaminwater helped offset Diet Coke's continued slump. North American organic sales rose 3%, Latin America rose 11%, Asia Pacific was flat, and the Europe, Middle East and Africa sales division was up 2%.

The company maintained its 2016 full-year projections of a 3% gain in organic sales and a 4% to 7% decline in comparable earnings per share.

For the fourth quarter, the company projected that one-time items would undermine its revenue by 11% while currency would cut into revenue by 1% to 2%.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.