Coca-Cola reported higher third-quarter profits Friday, citing solid sales of soda and innovative products like smaller drink cans that offset the hit from a strong dollar. The beverage giant lifted full year profit and sales targets, and Chief Executive James Quincey said strategies "are taking hold with our consumers, customers and system."

Profits rose 38 percent to $2.6 billion, off of an 8.3 percent increase in revenues to $9.5 billion. The company scored higher sales of its flagship Coca-Cola and notched another quarter of double-digit growth in Coca-Cola Zero Sugar diet soda. Results were also boosted by increased sales of smaller 7.5 ounce mini-cans that enjoy higher profit margins, and by initiatives such as distributing more than 100,000 coolers in Brazil to take advantage of strong demand for immediate consumption drinks.

The company undertook an international launch of a new coffee product in more than 20 markets and said it plans to introduce new energy drinks in the United States next year. Coca-Cola raised its full-year targets for revenues and operating income, but maintained the projection for earnings per shares. Shares rose 0.4 percent to $54.03 in pre-market trading.