The Coca-Cola Co (NYSE:KO) this morning posted market-beating Q3 earnings results and reiterated its full-year outlook.
The Atlanta-based company reported Q3 EPS of $0.49, edging out Wall Street’s view of $0.48. Revenue plunged 6.9% from last year to $10.63 billion but still beat analyst estimates of $10.52 billion.
Currency headwinds hampered the company’s revenue to the tune of 2%, while acquisitions, divestitures and structural items hit sales by 8%. Minus those items, organic revenues rose 3% in the period.
Looking ahead, KO reaffirmed its previously announced full-year EPS outlook of $1.86 to $1.92, which could miss Wall Street’s consensus estimate of $1.91 per share for the year.
Soda producers like Coca-Cola have struggled a bit recently amid consumers’ changing tastes. High-sugar beverages like sodas and fruit drinks have come under fire due to their negative health effects, and many shoppers have altered their spending habits accordingly. Coke and Pepsi both recently pledged to significantly cut the amount of sugar in their namesake beverages over the next few years.
The company commented via press release:
“I am pleased to report that we delivered results in line with our expectations,” said Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company. “We continued to see solid revenue results in our developed markets with 2% unit case volume growth and a continued focus on price realization. The United States, Japan and Western Europe delivered standout performance underpinned by innovation and world-class marketing. Globally, we gained nonalcoholic ready-to-drink value share for the 37th consecutive quarter and are on track to deliver our financial commitments for the full year.”
Coca-Cola shares rose $0.79 (+1.86%) to $43.33 in premarket trading Wednesday. Prior to today’s report, KO had fallen 0.98%.