The Coca-Cola Company (KO) on Tuesday raised its year-end outlook after its earnings grew in the last quarter.
The soft drink and beverage giant reported over $11 billion in revenues, beating Wall Street expectations and surpassing projected earnings per share of $0.64. The Atlanta, Georgia-based company said its organic revenue increased 16% in the third quarter, with its case volume rising 4%.
“Our strong capabilities and consumer insights continue to help us win in the marketplace,” James Quincey, the company’s chairman and CEO said in a statement.
While Coca-Cola saw declines in its cash flow, the quarter was positive overall in terms of growth, particularly in offering value to customers, growing its brand internationally, and expanding its alcoholic beverage offerings.
Amid inflation persisting and other economic pressures, the company said it expects its costs to be affected, with prices likely to fluctuate.
“Our business is resilient amidst a dynamic operating and macroeconomic environment. We are investing in our strong portfolio of brands, which is a cornerstone of our ability to deliver long-term value for our stakeholders,” Quincey said.
Shares of Coca-Cola closed Tuesday at $58.95, up $1.38, or 2.40%.