A Coca-Cola truck in New York City.
Alexi Rosenfeld | Getty Images
Coca Cola on Tuesday raised its full-year outlook after beating Wall Street’s expectations for its quarterly earnings and revenue.
The company also provided a look toward 2023, saying that it expects inflation to keep raising its expenses and commodity prices to stay volatile. Foreign currency is also predicted to weigh on Coke’s earnings and revenue. However, the company won’t provide its full outlook for next year until early 2023.
Shares of the company rose 3% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 69 cents adjusted vs. 64 cents expected
- Revenue: $11.05 billion adjusted vs. $10.52 billion expected
The beverage giant reported third-quarter net income of $2.83 billion, or 65 cents per share, up from $2.47 billion, or 57 cents per share, a year earlier.
Excluding items, Coke earned 69 cents per share.
Adjusted net sales rose 10% to $11.05 billion, topping expectations of $10.52 billion. Organic income climbed 16%. Unit case volume, which strips out the impact of currency and price changes, grew 4% in the quarter.
For 2022, Coke now expects comparable earnings per share growth of 6% to 7%, up from its prior range of 5% to 6%. The company also raised its outlook for organic revenue growth to 14% to 15% from a range of 12% to 13%.