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Coca-Cola reported quarterly earnings and revenue that topped expectations, but the beverage giant said that demand for its drinks is still soft.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
- 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 sales rose 5% to $12.46 billion. Coke’s organic revenue, which strips out acquisitions, divestitures and foreign currency, increased 6%.
The company’s unit case volume rose 1%, a reversal from last quarter’s decline. The metric excludes the impact of pricing and foreign currency to reflect demand.
But volume in both Latin America and North America, two key markets, was flat for the quarter. Coke executives have previously said that low-income consumers in the U.S. have been buying fewer of its products, although the company is trying to target them with affordable options.
The company reiterated its full-year forecast. Coke is expecting comparable earnings per share to rise 3% and organic revenue to increase 5% to 6%.
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