Coca-Cola Reports Third Quarter Financial Results

Beverage giant Coca-Cola reported third quarter financial results, revealing that diet soda sales as well as higher prices helped earnings and revenue surpass projections for the quarter.

The company reported earnings per share of 58 cents while analysts had been waiting for 55 cents. Revenue at $8.25 billion was a decline from $9.08 billion a year ago but it was better than the $8.17 billion expected.

Net income also grew to$1.88 billion, or 44 cents a share, up from $1.45 billion, or 33 cents a share, during the same three months last year.

CEO James Quincey told analysts, “We had a solid quarter we’re on track to close out the year for our guidance.”

The company reiterated its previous forecast for growing organic revenue of at least 4 percent for the full year.
Quincey said on the earnings call, “We’ve had another solid quarter that has included a number of notable developments, from M&A to changes in our leadership team. And I’ll come to all of that shortly, but let me start by focusing on our quarter and our year to-date performance.”

He added, “We are gaining share in a growing industry. Industry growth has improved from last year, driven by better results across both developed and emerging markets. Some large emerging markets like China, India and Brazil, are clearly doing better. Others like Argentina, South Africa and the Middle East, are not doing so well. But collectively, we are seeing solid results.”

“We’ve been capturing more than our fair share of growth as we’ve continued to execute on our transformation as a total beverage company. And notably, the industry has seen better performance within the global sparkling soft drink category, delivering both volume and value growth year-to-date.”

Disclaimer: We have no position in The Coca-Cola Co. (NYSE: KO) and have not been compensated for this article.