Coca-Cola sees FY organic sales at high end of guidance

Coca-Cola said on Wednesday that full-year organic sales were set to be at the high end of its previous guidance range.

In its third-quarter results, the drinks company said net revenue dipped 1% to $11.9bn, but this was ahead of consensus expectations of $11.6bn.

Coca-Cola said the revenue performance included 10% growth in price/mix and a 2% drop in concentrate sales.

Earnings per share fell 7% to $0.66, while comparable EPS (non-GAAP) ticked up 5% to $0.77.

Chairman and chief executive James Quincey said: "Our business continues to demonstrate resilience in the face of a dynamic external environment.

"We are encouraged by our year-to-date performance and our system’s ability to manage near-term challenges while also remaining focused on long-term growth opportunities."

The drinks company expects to deliver organic revenue (non-GAAP) growth of about 10% for the year. This consists of operating performance at the high end of its long-term growth model and the expected pricing impact of a number of markets experiencing "intense" inflation.