The Coca-Cola Company reported today stronger-than-expected third-quarter results, with expected revenue growth of 14% to 15%, up from the 12% to 13% it forecast at the end of the second quarter. Revenue grew 10% to $11.1 billion from July to September.
Product price increases have been largely responsible for Coca-Cola’s rise in 2022, but the company is careful not to rest on its laurels. In AprilCEO James Quincey told analysts: “Coca-Cola has been able to stay ahead of inflation so far, but consumers are not going to swallow inflation endlessly.”
From a category perspective, carbonated soft drinks grew 3%, while Coca-Cola brand grew 3% and Coca-Cola Zero Sugar grew 11%. Hydration, sports, coffee and tea grew 5%, both hydration and sports drinks grew 6%.
The company saw a 1% hit to net income following its March 8 announcement to suspend business in Russia due to the conflict in Ukraine.
Looking ahead to 2023, the drinks giant expects commodity prices to remain volatile and global inflation to continue to weigh on its spending. A full outlook for 2023 can be expected during the company’s fourth quarter earnings call.
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