Coca-Cola raises full-year profit outlook to at least 11% growth
Coca-Cola just raised its profit outlook for the third time.
The short version
- Earnings per share will jump at least 11 percent this year.
- Sales hit $13.4 billion as global demand climbed despite flat home sales.
- Shoppers everywhere are still paying for soda and Fairlife milk.
Check your grocery shelves and coolers this week. Coca-Cola, the massive beverage giant, just raised its full-year earnings outlook for the third straight quarter, according to CNBC. For the full year, the company now expects comparable earnings per share to grow at least 11 percent, up from its prior forecast of 9 to 10 percent.
Organic revenue will climb at least 5 percent. The company reported third-quarter net income attributable to shareholders of $4.01 billion, or 93 cents per share, up from $3.7 billion a year earlier. Net sales rose 7 percent to $13.4 billion.
Overseas buyers drove the growth while the home market stayed flat. North American shoppers are under pressure and stretched thin by inflation and economic uncertainty, but they keep buying drinks. Globally, sparkling soft drinks saw volume increase 5 percent, lifted by growth of Coke, Coke Zero Sugar and Diet Coke.
The water, sports, coffee and tea division also saw volume climb 5 percent, fueled by premium Smartwater. The juice, value-added dairy and plant-based beverages business reported flat volume, despite growth in brands like Fairlife and Minute Maid. Even when grocery budgets get tight, families still find room for a cold soda.
Photo: The original uploader was Autiger, Public domain, via Wikimedia Commons
