Coca-Cola’s revenue and profit exceeded Wall Street’s third-quarter expectations on Tuesday, helped by resilient demand for its trademark sodas and zero-sugar beverages.
The company’s shares rose about 1% in premarket trading as it also maintained its annual sales and profit targets. The stock has risen nearly 10% this year.
Demand for Coca-Cola’s trademark sodas has been steady in the U.S. and some international markets despite a slowdown in non-essential spending due to economic uncertainties and inflation.
The company has also benefited from price increases particularly for products such as Fairlife milk and Topo Chico sparkling water brand.
Rival PepsiCo also topped quarterly estimates earlier this month, helped by growth in international markets and demand for healthier drinks in the U.S.
The world’s largest beverage company reported quarterly revenue of $12.5 billion, compared with estimates of $12.39 billion, according to data compiled by LSEG.
Excluding items, the company earned 82 cents per share, compared with estimates of 78 cents.
