Coca-Cola Co. is getting its fizz back
By DEE-ANN DURBIN AP Business Writer
October 27, 2021, 12:22 PM
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Coca-Cola Co. is getting its fizz back.
Revenue jumped 16% to $10 billion in the third quarter as stadiums, movie theaters and other venues reopened around the world.
That was ahead of Wall Street’s forecast. Analysts polled by FactSet expected revenue of $9.8 billion for the quarter.
The Atlanta company also raised its revenue and earnings guidance for the full year Wednesday. Coke said it now expects organic revenue growth of 13% to 14%, up from 12% to 14% previously. It expects adjusted earnings per share to rise 15% to 17%, up from 13% to 15%.
Shares of The Coca-Cola Co. rose almost 3% before the opening bell.
Venues like restaurants and theaters typically account for half the company’s sales, and there was a pronounced recovery in the July-September period. The company’s Costa coffee shops reopened in the United Kingdom, for example, helping Coke’s coffee sales rise 19% compared to the year-ago period.
But sales of products consumed at home are still going strong. Sales of nutrition drinks, juices and dairy —— including Fairlife milk and Minute Maid orange juice —— jumped 12%. Sales of sparkling soft drinks were up 6%.
Net income jumped 42% to $2.5 billion. Adjusted for one-time items, the company earned 65 cents per share. That was higher than the 58 cents analysts forecast.