Coca-Cola Pops the Cork on Another Beat, Hikes Outlook for Third Straight Quarter
The beverage giant topped Wall Street's earnings and revenue targets for the third quarter and raised its full-year profit forecast again — even as it admitted demand back home is going flat.
Coca-Cola just can't stop beating expectations. The company reported third-quarter adjusted earnings of 91 cents per share on Tuesday, topping the 88-cent consensus tracked by LSEG, while net sales climbed 7% to $13.4 billion against Wall Street's roughly $12.9 billion estimate, according to CNBC's earnings coverage.
Unit case volume rose 5% for the second straight quarter, and organic revenue — which strips out currency swings, acquisitions and divestitures — also grew 7%. On the back of the quarter, Coca-Cola raised its full-year guidance to comparable earnings-per-share growth of at least 11%, up from its earlier call of 9% to 10%, Yahoo Finance reported, marking the third consecutive quarter the beverage maker has nudged its outlook higher.
THIRD STRAIGHT QUARTER COKE HAS RAISED ITS FORECAST
Not every number was rosy. CNBC's reporting flagged soft demand in North America and continued pressure on the restaurant channel, where soda sales have struggled as diners pull back on extras. Coca-Cola's stock barely moved on the results, slipping less than 1% in morning trading Tuesday, a sign investors had largely priced in another beat.
The results land in the middle of a crowded earnings week that has also seen UPS, Royal Caribbean and SoFi Technologies post upside surprises, underscoring a consumer that keeps spending even as individual categories, like at-home soda, show cracks. Coca-Cola's next test comes with full-year results early next year, when investors will see whether the North American softness bleeds into the holiday quarter.