Coca-Cola is beloved by Warren Buffett, but right now there's another soda company that's probably more appealing for investors.

Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 12%. Looking ahead, revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Beverage industry in the US.

Coca-Cola also signaled in its third quarter results that it will look to non-fizzy drinks as a growth area after success at the Paris Olympics.

Coca-Cola reported solid organic growth despite currency challenges, closing the third quarter on a positive note.

Cola said on Wednesday it expects annual organic sales at high-end of its previous range after posting a surprise quarterly rise on growing demand for its sodas and juices in the U.S., India and South Korea.

Key Takeaways Coca-Cola reported a drop in unit case volumes, offsetting better-than-anticipated adjusted profit and sales figures.Concentrate shipments declined by 2% year-over-year because of a timing of shipments.

Investors looking at these two beverage giants should probably err on the side of value, which means that No. 2 is No. 1 right now.

The soft-drinks maker easily beats quarterly estimates for earnings and sales but notes some headwinds in its guidance.

Coca-Cola posted earnings and revenue that topped expectations. Higher prices helped to offset sluggish demand for beverages. Coca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations.