Coca-Cola is raising its full-year revenue forecast after a stronger-than-expected third quarter.
Bottles of Coca-Cola are on display at a grocery market in Uniontown, Pa, on Sunday, April 24, 2022. Coca-Cola reports earnings on Tuesday, Oct. 24, 2023. Coca-Cola raised its full-year revenue forecast Tuesday after a stronger-than-expected third quarter.
Net revenue grew 8% to $11.9 billion, topping the $11.4 billion that Wall Street had forecast, according to analysts polled by FactSet. Net income rose 9% to $3.1 billion. Adjusted for one-time items, Coke earned 74 cents per share, better than the 69 cents analysts had expected.The company continued to raise prices to offset higher ingredient costs, but at a more moderate pace. Prices rose 9% in the most recent quarter compared with the double-digit increases Coke instituted in the previous five quarters.
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