By Sruthi Ramakrishnan and Anjali Athavaley
(Reuters) - Coca-Cola Co (N:KO) on Wednesday reported a rise in revenue for the first time in nine quarters, helped by a 6 percent increase in North America, its biggest market.
The first-quarter revenue gain, along with a better-than-expected profit, pushed up shares of the world's largest beverage maker by 2.5 percent to $41.80 in premarket trading. Meanwhile, the company announced plans to shift greater control of its bottling operations to seven U.S. bottlers.
Coca-Cola, the world's largest soda maker, has been struggling to grow amid sluggish demand for carbonated beverages. In October Coca-Cola said it was targeting $3 billion in cost savings by 2019.
North American net operating revenue rose to $5.10 billion in the quarter ended April 3, and accounted for 47.6 percent of total revenue.
Organic revenue, which excludes profits or growth from takeovers, acquisitions or mergers, in the region increased 10 percent, helped by higher concentrate sales and pricing.
U.S. sales of carbonated soft drinks have been declining for nearly a decade, with consumers shifting away from diet soda because of health concerns about artificial sweeteners.
Coke has diversified its business by taking smaller stakes in companies in faster-growing markets and in some cases, eventually acquiring them. Coca-Cola said in August it will buy a 16.7 percent stake in Monster Beverage Corp (O:MNST).
It also bought a 10 percent stake in Keurig Green Mountain Inc (O:GMCR) in February last year, and later raised it to 16 percent to become Keurig's largest shareholder.
Coca-Cola's net income attributable to shareholders fell to $1.56 billion, or 35 cents per share, in the quarter, from $1.62 billion, or 36 cents per share, a year earlier.
Excluding items, the company earned 48 cents per share.
Net operating revenue rose 1.3 percent to $10.71 billion.
Analysts, on average, expected earnings of 42 cents per share on revenue of $10.66 billion, according to Thomson Reuters I/B/E/S.
The company also said it will hand back, or refranchise, about two-thirds of its North American bottling territories by the end of 2017, and a substantial portion of the remaining territories no later than 2020.