MILAN – Coca-Cola quarterly revenue and profit topped Wall Street projections on Tuesday. Sugar-free soda and vitamin water sales, as well as higher prices, helped the company beat consensus for the third quarter, boosting profit by 30 percent.
“We had a solid quarter we’re on track to close out the year for our guidance,” CEO James Quincey told analysts on a conference call Tuesday morning.
Net income rose to $1.88 billion, or 44 cents a share, up from $1.45 billion, or 33 cents a share, during the same three months last year, the company reported. Excluding certain items, including discontinued operations, the company earned 58 cents a share, up 14% outpacing analyst expectations.
Revenue reached $8.25 billion in revenue, down about 9 percent from $9.08 billion a year ago, but sill beating analysts’ estimates of $8.17 billion.
The company has been building a portfolio of non-carbonated drinks and doubling down on its investments in enhanced waters such as electrolyte-filled smartwater.
Earlier this quarter, Coca-Cola acquired British coffee chain Costa for $5.1 billion and took a stake in Kobe Bryant-backed sports drink BodyArmor.
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