Vintage Coca-Cola bottles are seen in a shop window in Manhattan, New York City, on July 15, 2024.
Beata Zawrzel | Nurphoto | Getty Images
Coca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts’ expectations, thanks to a boost from higher prices that offset sluggish demand.
Shares of the company rose less than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 77 cents adjusted vs. 74 cents expected
- Revenue: $11.95 billion adjusted vs. $11.60 billion expected
Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier.
Excluding items, the company earned 77 cents per share.
Adjusted net sales of $11.95 billion were roughly flat from a year earlier. Coke’s organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter.
For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%. The company reiterated its projection that comparable earnings per share will rise 5% to 6%.
Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year. Coke is projecting a low-single digit headwind for comparable revenue and a mid-single digit headwind for earnings per share.
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