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By Bloomberg

Coca-Cola Co., the world’s largest beverage company, posted second-quarter earnings that beat analysts’ estimates after cutting expenses and increasing drink prices.

Excluding some items, profit amounted to 63 cents a share, the Atlanta-based company said in a statement Wednesday. Analysts had estimated 60 cents on average, according to data compiled by Bloomberg.

Higher drink prices have helped Coca-Cola weather stagnant sales overseas and changing consumer tastes in the U.S., where soda sales have declined over the past decade. Chief Executive Officer Muhtar Kent has called 2015 a “transition year” as he waits for cost cuts and new marketing to bear fruit. Charging more for beverages has shored up revenue as the company rides out the turbulence.

“While there is more work to do, we remain confident that we have the right plans in place,” Kent said in the statement.

Coca-Cola shares rose as much as 1.6 percent to $41.86 in early trading after the results were released. The stock had slipped 2.4 percent this year through the close of trading Tuesday.

In April, Coca-Cola reported its first quarterly sales gain in two years, helped by the higher drink prices. At the time, Chief Financial Officer Kathy Waller said that matching the aggressive pricing growth from the first quarter was unlikely for the rest of the year. Though sales declined in the second quarter compared with a year earlier, the revenue was better than predicted. Sales were $12.2 billion in the period, compared with an average estimate of $12.1 billion.

‘Share a Coke’

In developed markets such as the U.S. and Europe, the company has focused on selling smaller packages at higher prices per ounce. It also has rolled out a marketing program called “Share a Coke” that puts names and messages on its bottles and cans. In emerging markets such as Africa, Coca-Cola continues to focus on boosting sales volume. Globally, volume grew 2 percent last quarter.

Soda sales have declined for 10 straight years in the U.S., according to Beverage Digest, hurt by concerns about excess sugar and artificial sweeteners. Coca-Cola, PepsiCo Inc. and Dr. Pepper Snapple Group Inc., the largest soda makers in the country, all lost market share in 2014. Smaller companies such as energy-drink maker Monster Beverage Corp. gained ground.

To cope with the industry’s shifting fortunes, Kent is working to cut $3 billion in annual expenses. He’s also sped up bottling divestitures and trimmed the compensation plan in response to criticism from Wintergreen Advisers, an investment firm run by David Winters.