Coca-Cola tops quarterly revenue estimates on steady soda demand
It reported quarterly revenue of US$12.5 billion, compared with estimates of US$12.39 billion
[WASHINGTON] Coca-Cola’s revenue and profit exceeded Wall Street’s third-quarter expectations on Tuesday (Oct 21), helped by resilient demand for its trademark sodas and zero-sugar beverages.
The company’s shares rose about 1 per cent in premarket trading as it also maintained its annual sales and profit targets. The stock has risen nearly 10 per cent this year.
Demand for Coca-Cola’s trademark sodas has been steady in the US and some international markets despite a slowdown in non-essential spending due to economic uncertainties and inflation.
The company has also benefited from price increases particularly for products such as Fairlife milk and Topo Chico sparkling water brand.
Rival PepsiCo also topped quarterly estimates earlier this month, helped by growth in international markets and demand for healthier drinks in the US.
The world’s largest beverage company reported quarterly revenue of US$12.5 billion, compared with estimates of US$12.39 billion, according to data compiled by LSEG.
Excluding items, the company earned 82 US cents per share, compared with estimates of 78 US cents. REUTERS
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