Coca-Cola Co (NYSE: NYSE:KO) shares are trading higher Tuesday after the company reported better-than-expected financial results.
Coca-Cola said third-quarter revenue increased 10% year-over-year to $11.1 billion, which beat average analyst estimates of $10.49 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of 69 cents per share, which beat average estimates of 64 cents per share. Coca-Cola said its earnings results were up 7% year-over-year.
"Our strong capabilities and consumer insights continue to help us win in the marketplace. Our business is resilient amidst a dynamic operating and macroeconomic environment," said James Quincey, chairman and CEO of Coca-Cola.
Coca-Cola said it expects fourth-quarter revenues to include a 8% currency headwind and a 1% tailwind from acquisitions. The company said it expects global inflation to continue to impact its expenses across the board next year. Coca-Cola also expects commodity prices to remain volatile in 2023.
KO Price Action: Coca-Cola has a 52-week high of $67.20 and a 52-week low of $54.01.
The stock was up 2.48% at $59 at time of publication.
Photo: StockSnap from Pixabay.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.