Coca-Cola tops earnings estimates, as higher prices offset sluggish demand

Coca-Cola on Wednesday posted third-quarter earnings and revenue that topped expectations.

Here is how the company performed compared with estimates from Wall Street analysts surveyed by LSEG:

• Earnings per share: 77 cents adjusted vs. 74 cents expected
• Revenue: $11.95 billion vs. $11.60 billion expected

In recent quarters, Coke has been besting rival PepsiCo, which has been hurt by the fallout from the Quaker foods recalls, a slowdown in snacking and lagging energy drink sales.

Coke has reported strong demand in its international markets, helping offset weaker demand in the U.S. In its home market, consumers have been dining out less, denting the company's off-premise sales and prompting Coke to partner with chains to offer combo meals.

Despite domestic challenges, Coke hiked its full-year outlook last quarter, and executives expressed confidence in the company's ability to meet those targets for the second half of the year. For 2024, Coke expects organic revenue growth of 9% to 10% and comparable earnings growth in a range between 5% and 6%.

Shares of Coke have risen 18% this year, raising the company's market value to nearly $300 billion.