AP – Coca-Cola raised its full-year revenue forecast yesterday after a stronger-than-expected third quarter.
Atlanta-based Coke said it now expects its organic revenue will be up 10 per cent to 11 per cent for the year. That’s up from the eight per cent to nine per cent guidance Coke announced at the end of the second quarter. Coke expects earnings – adjusted for currency variations – will grow 13 per cent to 14 per cent, up from a previous forecast of nine per cent to 11 per cent.
Coke’s shares rose two per cent in premarket trading yesterday.
Coke said its global case volumes rose two per cent for the July-September period. Coffee sales saw the strongest growth, as demand grew in the United Kingdom and China. Coca-Cola Zero Sugar sales were up three per cent on growing demand in Latin America and North America. Powerade sports drink sales also grew three per cent.
Water sales were up one per cent, while tea sales fell one per cent on declining demand in Turkiye and Latin America.
Net revenue grew eight per cent to USD11.9 billion in the July-September period, topping the USD11.4 billion that Wall Street had forecast, according to analysts polled by FactSet.
Net income rose nine per cent to USD3.1 billion. Adjusted for one-time items, Coke earned USD0.74 cents per share, better than the USD0.69 cents analysts expected.
