Coca-Cola Sales Rise in Third Quarter

By Patrick Thomas 

Coca-Cola Co. said its sales rose in its latest quarter, helped by higher demand for its namesake soft drinks.

Organic revenue, which excludes currency swings, acquisitions and divestitures, increased 5% from the same time a year ago. Global unit case volume grew 2% in the quarter.

The beverage giant on Friday reported a profit of $2.59 billion, or 60 cents a share, compared with $1.89 billion, or 44 cents a share, a year ago. The company posted an adjusted profit, which excludes one-time costs, of 56 cents a share. Analysts polled by FactSet were expecting earnings of 56 cents a share.

Net revenue rose about 8% to $9.5 billion from $8.78 billion a year earlier. Analysts had expected $9.43 billion of revenue in the quarter.

In North America, unit case volume grew 1%, driven by a 3% increase in Coca-Cola and double-digit growth in Coke Zero Sugar.

Sales of water, enhanced water and sports drinks increased 2% in the quarter. Tea and coffee volume climbed 4%.

Coca-Cola also raised its guidance for operating income on a currency neutral basis, and now expects it to increase between 12% and 13%, instead of between 11% and 12%.

Write to Patrick Thomas at [e-mail]

(END) Dow Jones Newswires

October 18, 2019 07:46 ET (11:46 GMT)

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