Soft drink maker Coca-Cola (KO) has announced third-quarter financial results that beat Wall Street forecasts on both the top and bottom lines.
The Atlanta-based company reported earnings per share of $0.71 U.S. versus $0.69 U.S. that had been expected.
Revenue in the quarter came in at $11.91 billion U.S. compared to $11.44 billion U.S. that had been anticipated by analysts who track the company’s progress. The company’s Q3 sales were up 8% from a year earlier.
Coke’s stock has declined 15% this year as investors worry about the company’s ability to continue raising prices without losing customers.
The company’s share price has also been dragged lower by worries over a new class of weight loss drugs and their potential impact on soft drink sales.
However, neither of those issues seem to have impacted Coca-Cola’s latest quarter.
The company also raised its guidance for the remainder of 2023, saying it expects EPS growth of 5% to 6% and revenue growth of 8% to 9%.
Coca-Cola’s stock has declined 6% over the last 12 months to trade at $54.08 U.S. per share.