Coca-Cola Revenue Beats As Beverage Demand Rises From Pandemic Lows
Coca-Cola Co beat quarterly revenue expectations on Thursday as the world’s largest soda maker benefited from the partial reopening of theaters and restaurants shut for months by the COVID-19 pandemic.
The beverage company, which makes about half of its revenue from sales in restaurants, theaters and other public venues, said the last quarter was the most challenging one due to lockdowns even though consumers stocked up on sodas and beverages at home.
Organic sales, which strip out acquisition and currency impacts, fell 6% for the three months ended Sept. 25, but improved from a 26% fall in the second quarter.
Sales of its trademark Coca-Cola and Coca-Cola Zero Sugar improved, Coke said.
Net income attributable to the company’s shareholders fell to $1.74 billion, or 40 cents per share, from $2.59 billion, or 60 cents per share, a year earlier.
Net revenue fell 9% to $8.7 billion, above the analysts’ average estimate of $8.36 billion, according to IBES data from Refinitiv.