Coca-Cola It reported quarterly revenue and earnings that came in above expectations, but the beverage giant said demand for its drinks was still soft.
Here’s what the company reported compared to the expectations of Wall Street analysts surveyed by LSEG:
Earnings per share: 82 cents adjusted vs. 78 cents expected
Revenue: $12.41 billion adjusted vs $12.39 billion expected
Coke reported third-quarter net income attributable to shareholders of $3.7 billion, or 86 cents per share, up from $2.85 billion, or 66 cents per share, a year earlier.
Excluding restructuring charges and other items, Coke earned 82 cents per share.
net sales5% to $12.46 billion. Coke’s organic revenue, which strips out acquisitions, divestitures and foreign exchange, rose 6%.
Shares rose nearly 3% in premarket trading.
The company’s unit case volume rose 1%, a reversal from last quarter’s decline. The metric excludes the impact of price and foreign exchange to reflect demand.
But volumes in two major markets, Latin America and North America, were flat during the quarter. Coke executives have previously said that lower-income consumers in the US are buying less of its products, even as the company tries to target them with cheaper alternatives.
Globally, Coke saw the greatest growth from its water, sports, coffee and tea segments. Both its bottled water and sports drinks grew 3%, while coffee and tea grew 2%. The company’s sparkling soft drinks volume was flat in the quarter, while its juice, value-added dairy and plant-based beverage segments reported a 3% decline.
The company reiterated its full-year forecast. Coke expects comparable earnings per share to grow 3% and organic revenue to grow 5% to 6%.
Looking ahead to 2026, Coke projects a slight tailwind to both its earnings and comparable earnings from currency fluctuations. The company will provide a full forecast for the coming year in its fourth quarter earnings report.
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