Atlanta-based Coca-Cola booked stronger-than-expected sales in the third quarter as it hiked prices around the world.
The beverage giant raised its revenue expectations for the second time this year. Coke said Tuesday that it now expects organic revenue growth of 14% to 15%, up from the 12% to 13% it predicted at the end of the second quarter.
Revenue rose 10% to $11.1 billion in the July-September period. That was ahead of the $10.5 billion Wall Street forecast, according to analysts polled by FactSet.
Volume rose 4% globally, but it saw a further 12% gain because of higher prices and the mix of products sold.
Shares rose 3% before the opening bell.
Coke has raised prices throughout the year to account for higher ingredient and freight costs. The company also spent more on marketing in all its major markets as stadiums, movie theaters and other venues welcomed back big crowds.
Sales of sparkling soft drinks rose 3%, led by strong demand for Coca-Cola Zero Sugar. Sports drinks and flavored waters gained 6%, while coffee sales rose 5% as Costa stores rebounded from pandemic-related closures last year. Juice and dairy sales were flat.
Coke’s net income rose 14% to $2.8 billion. Adjusted for one-time items, the 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% in the third quarter.
