Coca-Cola beats quarterly revenue forecasts on steady soda demand
Coca-Cola (NYSE: KO) reported third-quarter revenue and profit above Wall Street expectations on Tuesday, supported by strong demand for its classic sodas and zero-sugar drinks despite inflation and weaker consumer spending in some markets.
The world’s largest beverage maker posted revenue of $12.5 billion, surpassing analyst estimates of $12.39 billion, according to LSEG data. Earnings per share came in at 82 cents, also beating projections of 78 cents, News.Az reports, citing Reuters.
Coca-Cola’s stock rose about 1% in premarket trading and is up nearly 10% so far this year. The company also maintained its full-year sales and profit outlook.
Demand for its key products remained resilient in the U.S. and abroad, while price hikes for brands such as Fairlife milk and Topo Chico sparkling water further boosted performance.
Rival PepsiCo also exceeded quarterly estimates earlier this month, driven by international growth and healthier beverage demand in the U.S.
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