The Coca-Cola Company KO kicked off 2018 on a strong note, beating the Zacks Consensus Estimate on both counts in the first quarter. Apart from a significant rise in soda volumes, the cola giant gained from its growing beverage portfolio and restructuring efforts. Cost-cutting initiatives led by refranchising of its low-margin bottling operations, helped it to come up with better numbers.Coca-Cola’s shares have rallied 1.6% in the pre-trading session following the earnings release.Earnings BeatFirst-quarter 2018 comparable earnings of the company were 47 cents per share, surpassing the Zacks Consensus Estimate of 46 cents.Earnings also improved 8% from the year-ago profit level of 43 cents, helped by ongoing productivity efforts.Sales BeatRevenues of $7.63 billion in the quarter surpassed the Zacks Consensus Estimate of $7.43 billion. However, net revenues declined 16% year over year due to the negative impact of structural items, marking the 12th consecutive quarterly fall. Acquisitions/divestitures and structural items had 26% negative impact on revenues. The structural changes primarily include the impact of bottler refranchising efforts.Organic revenues grew 5% in the quarter, aided by concentrate sales improvement of 4% and price/mix growth of 1%. Currency also impacted revenues positively by 2%.Volume and PricingCoca-Cola’s total unit case volume grew 3% in the quarter versus flat growth in the preceding quarter.Category Cluster Performance: Sparkling beverage unit case volume increased 4% (versus no growth in the prior quarter). Juice, dairy and plant-based beverages witnessed 3% decline (versus 2% growth in the preceding quarter). Water, enhanced water and sports drinks were up 1% (versus 2% in Q4), and Tea and Coffee were up 5% (compared with 2% growth in Q4).Notably, Diet Coke’s North America volume grew in the quarter following a full brand revamp. The introduction of four bold, new flavors, along with contemporary, sleek packaging and innovative marketing, helped in the upside.Quarterly Segment DetailsRevenues grew 11% at North America, 13% at Europe, the Middle East & Africa, and 8% at Latin America segment. However, revenues at Asia Pacific segment increased modestly by 1%.Organic revenues grew across the board, increasing 1% in North America, 8% in Europe, Middle East & Africa, 6% in Latin America, 3% in Asia Pacific and 13% in Bottling Investments.MarginsComparable gross margin expanded 270 basis points (bps) year over year to 64%. The company’s comparable operating margin grew 600 bps to 30.7% in the quarter, given the divestitures of lower-margin bottling businesses and ongoing productivity efforts. The upside was partly offset by the adoption of the new revenue recognition accounting standard.2018 Guidance ReaffirmedOrganic revenues are expected to rise 4%. Acquisitions/divestitures (mainly the bottler re-franchising efforts) are expected to hurt revenues by 17%, while Fx is likely to have a positive impact of 1% on revenues. Again, revenues will be positively impacted by 1-2% from Accounting Standards Update 2014-09.Comparable currency income before income taxes (structurally adjusted) is expected to increase 8-9%. Foreign exchange is expected to hurt comparable income before taxes by 0-1%. Structural changes are likely to have a 2% negative impact on it.The company expects adjusted EPS to grow 8-10% from the prior -year’s comparable EPS of $1.91.The company expects to buy back shares worth $1 billion in 2018. The adjusted effective tax rate is likely to be 21%. Cash from operations is likely to be at least $8.5 billion.Zacks RankCoca-Cola has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming Peer ReleasesPepsiCo, Inc. PEP is slated to report first-quarter results on Apr 26. Monster Beverage MNST is expected to report first-quarter results on May 3. Cott Corporation COT is scheduled to report quarterly results on May 3. Coca-Cola Company (The) Price, Consensus and EPS Surprise Coca-Cola Company (The) Price, Consensus and EPS Surprise | Coca-Cola Company (The) Quote Will You Make a Fortune on the Shift to Electric Cars?Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think.See This Ticker Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Coca-Cola Company (The) (KO): Free Stock Analysis Report Pepsico, Inc. (PEP): Free Stock Analysis Report Monster Beverage Corporation (MNST): Free Stock Analysis Report Cott Corporation (COT): Free Stock Analysis Report To read this article on Zacks.com click here.