Coca-Cola tops earnings estimates, as higher prices offset sluggish demand

Coca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand.

Shares of the company rose less than 1% in premarket trading.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier.

Excluding items, the company earned 77 cents per share.

Adjusted net sales of $11.95 billion were roughly flat from a year earlier. Coke's organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter.

For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%. The company reiterated its projection that comparable earnings per share will rise 5% to 6%.

Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year. Coke is projecting a low-single digit headwind for comparable revenue and a mid-single digit headwind for earnings per share.