Coca-Cola Co. (NYSE: KO) reported third-quarter 2015 results before markets opened Wednesday. The soft-drink maker posted adjusted diluted earnings per share (EPS) of $0.51 on revenues of $11.43 billion. In the same period a year ago, the company reported EPS of $0.53 on revenues of $11.98 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.50 and $11.54 billion in revenues.

On a GAAP basis, the company posted EPS of $0.33 for the quarter. Special items totaling $0.18 a share were primarily related to non-cash charges related to refranchising certain territories in North America and costs associated with the company’s productivity program. Fluctuations in foreign currency exchange rates resulted in a 12% headwind on comparable operating income, income before taxes, and EPS in the quarter.

The company continues to expect full-year 2015 comparable currency neutral EPS growth of 5%, excluding the impact of a 7% currency exchange rate headwind and a net impact of 1% due to structural items. The pencils out to about $44.45 billion, below the current consensus estimate of $44.69 billion.

The company has repurchased shares valued at $1.3 billion in the first nine months of 2015 and said it expects full-year buybacks to total $2 to $2.5 billion.

CEO Muhtar Kent said:

Our third quarter results were in line with our expectations and reflect the continued execution of our strategic initiatives to restore momentum, which are beginning to take hold across our global business. By aggressively driving productivity and streamlining the business, we are funding investments to accelerate growth. … [W]e have announced significant steps that evolve and strengthen our unparalleled global distribution system, including the planned creation of Coca-Cola Beverages Africa, Coca-Cola European Partners, and most recently in the United States, the National Product Supply System.

Coca-Cola’s shares traded up about 0.2% in midday Wednesday, at $42.31 in a 52-week range of $36.56 to $45.00. Thomson Reuters had a consensus analyst price target of around $44.70 before the report.

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