Coca-Cola Q3 earnings and sales top estimates

Consumer products giant Coca-Cola posted third-quarter earnings and sales on Wednesday that topped estimates, leading the firm to hike its full-year outlook yet again.

Coca-Cola reported a net income for the three months ended 1 October of $2.5bn, or $0.57 per share, up from the $1.7bn/$0.40 per share posted at the same time a year earlier.

Excluding one-time items, Coca-Cola pulled in about $0.65 per share, topping estimates of $0.58.

Net sales at Coke rose 16% to $10.04bn, also beating expectations for $9.75bn, while organic revenue climbed 14% and unit case volume improved 6% to come in ahead of 2019 levels.

Coca-Cola's carbonated soft drinks unit saw volume increase 6% in the quarter, while its nutrition, juice, dairy and plant-based beverage business reported volume growth of 12%, and the group's hydration, sports, coffee and tea segment reported volume growth of 6%. Coffee grew 19% on the back of the reopening of Costa locations across the United Kingdom.

Coke highlighted strength in markets where Covid-related uncertainty has started to ease, with volume growth up 8% in its Europe, Middle East and Africa region, while unit case volume in Latin America rose 8%, 4% in North America and the Asia Pacific region saw a 3% increase.

As a result of the solid quarter, Coca-Cola now anticipates full-year organic revenue growth of 13-14%, up from previous estimates of 12-14%, while adjusted earnings per share were now seen increasing 15-17%, up from 13-15%.

As of 1255 BST, Coca-Cola shares were up 2.83% in pre-market trading at $56.01 each.