Coca-Cola beats earnings estimates, raises outlook as volume grows despite price hikes

Coca-Cola on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations and hiked its full-year outlook.

Shares of the company rose more than 2% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

• Earnings per share: 74 cents adjusted vs. 69 cents expected
• Revenue: $11.91 billion adjusted vs. $11.44 billion expected

Coke reported third-quarter net income attributable to shareholders of $3.09 billion, or 71 cents per share, up from $2.83 billion, or 65 cents per share, a year earlier.

Excluding transactions gains, restructuring costs and other items, the beverage giant earned 74 cents per share.

Net sales rose 8% to $11.91 billion, excluding items.

For the full year, Coke now expects comparable earnings per share growth of 7% to 8%, up from its prior range of 5% to 6%. The company also adjusted its outlook for organic revenue, forecasting an increase of 10% to 11%, up from the prior range of 8% to 9%.