Concert halls, dining rooms open doors; Coke sales rebound

By DEE-ANN DURBIN 28 October 2021, 12:00AM

Coca-Cola Co. is getting its fizz back.

Revenue jumped 16% to $10 billion in the third quarter as stadiums, movie theaters and other venues reopened around the world.

That was ahead of Wall Street’s forecast. Analysts polled by FactSet expected revenue of $9.8 billion for the quarter.

The Atlanta company also raised its revenue and earnings guidance for the full year Wednesday. Coke said it now expects organic revenue growth of 13% to 14%, up from 12% to 14% previously. It expects adjusted earnings per share to rise 15% to 17%, up from 13% to 15%.

Shares of The Coca-Cola Co. rose almost 3% before the opening bell.

Venues like restaurants and theaters typically account for half the company’s sales, and there was a pronounced recovery in the July-September period. The company’s Costa coffee shops reopened in the United Kingdom, for example, helping Coke’s coffee sales rise 19% compared to the year-ago period.

But sales of products consumed at home are still going strong. Sales of nutrition drinks, juices and dairy __ including Fairlife milk and Minute Maid orange juice __ jumped 12%. Sales of sparkling soft drinks were up 6%.

Net income jumped 42% to $2.5 billion. Adjusted for one-time items, the company earned 65 cents per share. That was higher than the 58 cents analysts forecast.

By DEE-ANN DURBIN 28 October 2021, 12:00AM
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