Coca-Cola (NYSE:KO) on Tuesday raised its full-year outlook after beating Wall Street’s expectations for its quarterly earnings and revenue.
The company also provided a look toward 2023, saying that it expects inflation to keep raising its expenses and commodity prices to stay volatile. Foreign currency is also projected to weigh on Coke’s earnings and revenue. However, the company won’t provide its full outlook for next year until early 2023.
The beverage giant reported third-quarter net income of $2.83 billion, or 65 cents per share, up from $2.47 billion, or 57 cents per share, a year earlier. Revenue proved to be $11.05 billion adjusted, as opposed to $10.52 billion expected
Excluding items, Coke earned 69 cents per share.
Coke’s sparkling soft drinks segment, which includes its namesake soda, reported volume growth of 3%. Coke Zero Sugar was once again a standout, with its volume rising 11% in the quarter.
The company’s hydration, sports, coffee and tea division saw volume growth of 5%, fueled by Powerade, Bodyarmor and the expansion of Costa Coffee.
Coke’s nutrition, juice, dairy and plant-based beverages division reported flat volume for the quarter. Coke said the lackluster performance was due to declining demand for local brands in Eastern Europe.
For 2022, Coke now expects comparable earnings per share growth of 6% to 7%, up from its prior range of 5% to 6%.
KO shares hiked $1.21, or 2.1%, to $58.78.
