Coca-Cola Company reported third quarter earnings that matched expectations, while revenue topped estimates.
The beverage giant’s adjusted earnings for the three months ending September came in at 56 cents per share, slightly lower than the year-ago quarter. But the figure is in-line with the Street estimates.
Total revenues increased +8% year-over-year to $9.5 billion in the quarter, which is higher than analysts' estimates.
The company’s sugar free soda Coke Zero experienced double-digit volume growth. Its sparkling soft drinks grew +2%, bolstered by a +3% growth in traditional Coke.
Coke's sports drinks and water franchises grew +2%. Tea and coffee volume increased +4%.
The company has a lineup of new products as well. It has already launched its Coca-Cola Plus Coffee drink in more than 20 markets. The company is offering its first energy drink under the Coca-Cola brand. Coke Energy, which is available in at least 25 countries, will be making its U.S. debut in January with additional zero-calorie options.
For full-year 2019, Coke expects organic revenue to be atleast +5%, which is a slight improvement in outlook compared to last quarter.
For fiscal 2020, the company is anticipating a 1% to 2% currency headwind to affect its comparable revenue, and a 2% to 3% currency headwind to hurt its operating income.