INSUBCONTINENT EXCLUSIVE:
said third-quarter sales and profit surpassed expectations and the beverage giant raised its guidance for the year, as the company got a
boost from value-conscious products amid soaring inflation.
The Atlanta-based soft-drink maker, whose beverages include Fanta sodas, Minute
Maid juices and Powerade sports drinks, said Tuesday that it benefited from bundling different sizes and mixes of its products for
inflation-wary consumers.
The company said it now sees organic revenue growth of 14% to 15% for the full year
In July, Coca-Cola increased its full-year outlook from 12% to 13%
30, beating the $10.51 billion Bloomberg consensus.
The increased outlook for the year shows that Coca-Cola is maintaining demand with help
its ready-to-drink alcohol beverages, which include Fresca Mixed, Topo Chico hard seltzers, and Schweppes cocktail mixers and tonics.
The
company said consumers were continuing to return to public venues such as theaters, stadiums and restaurants, and that freight costs in some
parts of the world, such as China, have declined
But within the US, he said, fuel and labor shortages continue to keep freight transportation costs high
shifts and acquisitions, increased by 16% in the third quarter
Analysts had expected a 9.8% increase.
The shares rose 0.6% in premarket trading
