Coca-Cola Co. (NYSE: KO) released its third-quarter financial results before the markets opened on Friday. The firm said that it had $0.56 in earnings per share (EPS) and $9.5 billion in revenue, while consensus estimates had called for $0.56 per share and $9.43 billion. The same period of last year reportedly had EPS of $0.57 on $8.26 billion in revenue.
During the most recent quarter, net revenues grew 8% and organic revenues grew 5%. Revenue growth was driven by price/mix growth of 6%, partially offset by a 2% decline in concentrate sales.
Unit case volume grew 2%, primarily driven by strong growth in developing and emerging markets, in addition to solid growth in North America. In terms of its segments, Coca-Cola reported as follows:
- Sparkling soft drinks grew 2%, driven by strong 3% global growth in trademark Coca-Cola, including continued double-digit growth in Coca-Cola Zero Sugar.
- Juice, dairy and plant-based beverages grew 1%, led by strong performance within the Minute Maid and Simply portfolio.
- Water, enhanced water and sports drinks grew 2%, led by the Ciel and Cristal brands in Latin America and strong growth in Dasani internationally.
- Tea and coffee volume grew 4%, led by strong performance across the company’s portfolio.
Looking ahead to the 2019 full year, the company expects to see EPS in growing in the range of −1% to +1% and organic revenues growing at least 5%. Consensus estimates call for $2.11 in EPS and $37.0 billion in revenue for the year.
James Quincey, board chair and chief executive, commented:
Our performance gives us confidence that our strategies are taking hold with our consumers, customers and system. We are positioning the company to create a better shared future for all of our stakeholders by delivering on our vision and growing sustainably.
Shares of Coca-Cola traded up about 2% to $54.85 early Friday, in a 52-week range of $44.42 to $55.92. The consensus price target is $57.48.
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