UPDATE: Coca-Cola Q1 Profit Rises 15%

Coca-Cola Co KO reported a 15% drop in its first-quarter earnings. Coca-Cola's quarterly profit fell to $1.75 billion, or $0.39 per share, from $2.05 billion, or $0.45 per share, in the year-ago period. Excluding one-time items, it earned $0.46 per share. Its revenue fell 0.9% to $11.04 billion. However, analysts were expecting earnings of $0.45 per share on revenue of $10.94 billion. Its gross margin narrowed to 60.8% from 61%. Coca-Cola shares gained 3.14% to $41.35 in pre-market trading.