Coca-Cola raised its full-year outlook for the third straight quarter on Tuesday, bolstered by robust international demand that helped offset sluggish sales in its home market.
For the full year, the beverage giant now expects comparable earnings per share to grow by at least 11%. That represents an upward revision from its previous forecast, which had anticipated an increase ranging between 9% and 10%. Additionally, the company projects that its organic revenue will climb by at least 5%, marking a slight upward adjustment from its earlier guidance of approximately 5% growth.
Following the announcement, shares of the company rose about 1% in premarket trading.
During the third quarter, Coca-Cola reported net income attributable to shareholders of $4.01 billion, or 93 cents per share. This compares favorably with the $3.7 billion, or 86 cents per share, reported during the same period a year earlier. Excluding transaction gains and other special items, the company posted adjusted earnings of 91 cents per share, outperforming the 88 cents per share anticipated by Wall Street analysts surveyed by LSEG.
Net sales for the quarter rose 7% to $13.4 billion, exceeding analyst expectations of $12.92 billion. Similarly, the company’s organic revenue—which strips out the impact of acquisitions, divestitures, and foreign currency fluctuations—also increased by 7% during the quarter.
Company executives noted that the positive performance was largely propelled by growth outside of North America. Overall unit case volume increased by 5% globally, even as the company’s home market in North America reported flat volume. In recent quarters, executives have observed that North American consumers remain under financial pressure, stretched thin by ongoing inflation and economic uncertainty. Nevertheless, leadership emphasized that shoppers continue to purchase the company’s beverages, ranging from namesake sodas to premium brands like Fairlife.
Across distinct product categories, the sparkling soft drinks business saw volume increase by 5% during the quarter, driven by growth in flagship Coca-Cola, Coke Zero Sugar, and Diet Coke. Meanwhile, the water, sports, coffee, and tea division also posted a 5% volume climb. This segment was propelled primarily by increased demand for water products, including the premium Smartwater brand. Within that same division, demand for tea and coffee remained flat, while sports drinks experienced a decline.
The juice, value-added dairy, and plant-based beverages division reported flat volume overall. This occurred despite positive growth in specific brands such as Fairlife and Minute Maid.
