Investing.com – Coca-Cola stock (NYSE:KO) rose nearly 3% on Wednesday as the beverage maker lifted its annual sales and earnings forecast after it drove third-quarter numbers past analysts’ estimates.
The company successfully executed price hikes and rode strong demand for its soda and beverages in the three months ended October 1. Revenue jumped 16% to $10.04 billion as the reopening of economy drove people to theaters and restaurants. Consumers, conscious of health risks in the pandemic, sought its bottled soda, juices and water.
Unit case volumes were up 6%, driven by sales in Europe, West Asia, Africa and Latin America.
The average value of products sold also rose 6% as the company resorted to price hikes to pass on the effects of surging commodity and freight costs.
The company expects to deliver adjusted organic revenue growth of 13.5% at center of the range in the current financial year, higher than the 13% growth midpoint estimate it put out in July.
Coca-Cola expects its annual adjusted profit per share to rise 16%, compared with a prior forecast calling for a 14% increase at center of the range.