Coke Posts 35% Gain; Buffett Is Reelected

Coca-Cola Co. said first-quarter earnings climbed 35% to $1.13 billion, or 46 cents a share. The Atlanta-based company said sales increased 13% to $5.08 billion, boosted by a declining U.S. dollar.

After the earnings announcement, shareholders at the firm’s annual meeting in Wilmington, Del., withheld 16% of their votes to reelect Warren E. Buffett as a director. A withholding of 20% would have sent a message to the board that Buffett’s business ties to Coca-Cola pose a conflict with serving on the audit committee, proxy advisor Institutional Shareholder Services said.

Shares of Coca-Cola fell 15 cents to $52.13 on the NYSE.