The Coca-Cola Company (NYSE:KO) released the results from its second quarter, posting adjusted earnings of 64 cents per share on $12.57 billion in revenue, a 1% decline year over year. Analysts had been expecting the company to report earnings of 63 cents per share on $12.83 billion in revenue. Reported earnings per share were 58 cents. In the same quarter a year ago, the soda maker reported earnings per share of 59 cents.

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Breaking down Coca-Cola’s earnings

The company reported 3% worldwide volume growth in the quarter and a 2% increase in volume growth for its sparkling beverages. Branded Coca-Cola beverages rose 1%, in both North America and globally. Coca-Cola also reported value share gains in nonalcoholic ready-to-drink beverages.

Global price per mix rose 2%, while reported net revenues fell 1% for the quarter and 3% so far this year. Excluding impacts from structural changes and exchange rates, net revenues rose 3% in the quarter and so far this year. Reported operating income fell 2% in the quarter and so far this year. Excluding structural change impacts, operating income rose 5% in the quarter and 6% year to date.

Coca-Cola guides for 2014

“While I am pleased with our progress to date, we remain focused on the work required to return our business to the level of sustainable growth we and our shareowners expect,” said Chairman and CEO Muhtar Kent in a statement. “For the remainder of the year, we will continue to focus intently on our five strategic priorities in order to deliver quality results and further advance our progress toward achieving our 2020 Vision.”

Coca-Cola said earlier this year that it expected a 1% negative impact from structural changes on the full year. The company said it now expects this impact to be a one to two point headwind on its net revenues and about a three point headwind on operating income for the second half of the year. The soda maker also reported expectations of negative impacts from foreign exchange rates. From all of these impacts, Coca-Cola expects a negative 2 cent impact to comparable earnings per share.

The company plans to buy back between $2.5 billion and $3 billion shares this year.