Coca-Cola Co. (NYSE: KO) released its third-quarter financial results before the markets opened on Tuesday. The firm said that it had $0.55 in earnings per share (EPS) and $8.7 billion in revenue, while consensus estimates had called for $0.46 per share and $8.35 billion. The same period of last year reportedly had EPS of $0.56 on $9.5 billion in revenue.
During the most recent quarter, net revenues declined 9% and organic revenues were down 6%. Revenue performance included even concentrate sales and even price/mix.
Unit case volume declined 4%, as continued strength in at-home channels was more than offset by coronavirus related pressure in away-from-home channels.
Sparkling soft drinks declined 1% in the quarter, led by a decline in the fountain business in North America and in Mexico due to pressure in away-from-home channels.
Juice, dairy and plant-based beverages were down 6%, as solid performance by Simply and Fairlife in North America was more than offset by pressure in the Asia Pacific and Latin America operating groups.
Water, enhanced water and sports drinks declined 11%, led by a broad-based decline across operating groups, primarily due to a decline in lower-margin water brands.
Tea and coffee volume declined 15%, primarily driven by coronavirus-related pressure on Costa retail stores, along with some pressure on the Doğadan tea business in Turkey.
Looking ahead to the fourth quarter, the company expects to see comparable net revenues, including a 3% currency headwind, and that operating income will see an approximate 8% currency headwind. Outside of this, the company declined to issue guidance for the fourth quarter. Consensus estimates call for $0.41 in EPS and $8.35 billion in revenue for the quarter.
Coca-Cola stock traded up about 2% on Thursday, at $50.89 in a 52-week range of $36.27 to $60.13. The consensus price target is $54.50.
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