(New York) American soda giant Coca-Cola on Tuesday published third-quarter results slightly better than expectations, and revised upwards its forecasts for the year.
Revenue rose 8% between July and September to $11.95 billion and net profit rose 9% to $3.09 billion.
Reported per share and excluding exceptional items – a benchmark for the markets – the latter stands at 71 cents, which narrowly exceeds the consensus which expected 69 cents.
The group’s activity was marked on the positive side by a jump of 9% in the price/product mix and of 2% in sales of concentrates, but on the negative side by currency effects (-2%).
The group raised part of its forecasts for the year. It is now counting on organic growth of between 10 and 11% (8 and 9% previously) and anticipates earnings per share excluding exceptional items increasing by 7 to 8% (5 to 6% previously).
The company raked in $43 billion in 2022.
“Coca-Cola’s organic growth shows little sign of slowing (11%),” commented CFRA Research analyst Garrett Nelson, noting that “the results were driven by stronger-than-expected sales and margins.”
“Coca-Cola’s streak of better-than-expected results remains intact, with the last time the group published quarterly results below forecasts dating back to 2017,” he noted.
In developed markets, the group recorded a 2% increase in volumes thanks in particular to Mexico and Japan. Developing and emerging markets experienced similar growth, driven in particular by India and the Philippines.
In Europe, volumes were down 1%. The increase in water, coffee, tea and sports drinks was affected by the decline in other categories, by the suspension of activity in Russia and by a decline in Pakistan.
In North America, sales volume stagnated. It was marked by growth in flavored soft drinks, juices and dairy products, but by declines in other categories.
Volumes jumped 7% in Latin America, led by Mexico and Brazil, and remained stable in Asia-Pacific where water sales declined. Growth in India and the Philippines was offset by declines in China and Indonesia.
In electronic trading before the opening of the New York Stock Exchange, Coca-Cola shares rose 2.81% to $55.60.