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Coke raises sales outlook after higher prices boost Q3 sales

Coke raises sales outlook after higher prices boost Q3 sales

Coke raises sales outlook after higher prices boost Q3 sales
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By Pihu Yadav  Oct 25, 2022 5:58:29 PM IST (Published)

The world's largest beverage company announced on Tuesday that it now anticipates organic revenue growth of 14 to 15 percent, up from the 12 to 13 percent forecast at the end of the second quarter.

Coca-Cola reported better-than-expected sales in the third quarter thanks to price increases made globally and higher revenue projections for the year.

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The world's largest beverage company announced on Tuesday that it now anticipates organic revenue growth of 14 to 15 percent, up from the 12 to 13 percent forecast at the end of the second quarter.
In the period from July to September, revenue increased 10 percent to $11.1 billion. The $10.5 billion Wall Street expectation was surpassed, according to analysts surveyed by FactSet.
Coke’s net income rose 14 percent to $2.8 billion. Adjusted for one-time items, the Atlanta company earned 69 cents per share. That also beat analysts’ forecasts of a 64-cent profit.
Coke’s results mirrored rival PepsiCo, which also raised its earnings forecast this month after boosting prices by 17 percent in the third quarter.
“We are carefully watching what happens with the consumer. We obviously exited the third quarter with the consumer still very healthy in terms of our particular categories,” PepsiCo Chief Financial Officer Hugh Johnston said Wednesday during a conference call with investors. "I’m not sure that’s true broadly with housing and other big-ticket purchases."
The company said third-quarter revenue grew nine percent to $21.97 billion. That was higher than the $21 billion Wall Street expected, according to analysts polled by FactSet.
Net income rose 21 percent to $2.7 billion. Excluding one-time items, such as a manufacturing shutdown in Russia, the company earned $1.97 per share. That also beat Wall Street’s forecast of $1.84.
(With inputs from AP)
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