Concert halls, dining rooms open doors; Coke sales rebound
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.