Adjusted earnings per share reached $0.74, exceeding the forecasted $0.69, with an adjusted revenue of $11.91 billion, up from the expected $11.44 billion. From a year ago, the company’s Q3 net income rose from $2.83 billion to $3.09 billion.
Despite raising product prices by 9% over the last two years due to increased commodity costs, Coca-Cola observed a 2% growth in unit case volume for the quarter. In contrast, rival PepsiCo Inc (PEP:US) saw a significant decline, particularly a 6% drop in its North American beverage volume in its 3rd quarter.
While North American sales thrived, led by products like Coke Zero Sugar, challenges arose in Europe due to hot summers and consumer spending cuts. Sales in China also wavered due to its unpredictable recovery from the COVID-19 pandemic. Nonetheless, CEO James Quincey remains optimistic about future prospects in the Chinese market.
Every product division of Coca-Cola, from sparkling soft drinks to teas, reported volume growth. Reflecting the strong results, the company updated its full-year outlook, now expecting 7% to 8% growth in earnings per share, up from the previously forecasted 5% to 6%. The company also adjusted its outlook for organic revenue, forecasting an increase of 10% to 11%, up from the previously forecasted 8% to 9%.
The company's detailed 2024 outlook will be revealed in next year’s fourth-quarter earnings report.
On the congressional trading front, Senator Pete Ricketts reported a substantial decrease in his holdings, laying off between $100,000 - $250,000 on September 21, when the stock closed at $57.54. In contrast, Senator Markwayne Mullin reported buying shares of the beverage behemoth on September 13.