The Coca-Cola Company’s first quarter earnings for fiscal 2014 came in line with expectations, while revenues ran ahead of analysts’ projections despite a continuing drop in carbonated soda sales and increased pressure from foreign currency fluctuations The Coca-Cola Company (KO) reported its first quarter results for fiscal 2014 (1QFY14) today before markets opened. The Atlanta, Georgia-based beverage-maker had missed earnings expectations for the last two quarters, so today’s strong results came as a major surprise. In the quarter ended March 31, Coca-Cola’s per share earnings (EPS) fell 4% from the same quarter last year to $0.44, right in line with analysts’ estimates. Revenues, too, fell 4% YoY to $10.58 billion, but remained higher than analysts’ mean projection of $10.53 billion. The revenue beat is particularly significant since Coca-Cola had missed sales expectations in four of its last six quarterly results. Revenues were down largely because of a decline in sales volumes of Coca-Cola’s flagship Coke and Diet Coke brands as consumers shift to healthier, non-carbonated beverage categories. But when the impact of structural changes and foreign currency fluctuations is disregarded, both revenues and operating income actually rose 2% from last year. This highlights the growing impact of currency rate fluctuations on global beverage giants’ toplines in recent quarters. The impact of currency fluctuations is comparably worse than last time around: in Coca-Cola’s fourth-quarter earnings results for fiscal 2013, exchange rate fluctuations had negatively impacted revenues by 2% and net income by 4%, compared to 6% in the latest quarter.