Coca-Cola Beats Q3 Earnings Expectations, Raises Full Year Guidance Despite Currency Headwinds

Coca-Cola beat earnings expectations with reported Q3 EPS of $0.74 vs $0.69 expected.

Organic revenue grew 11% in Q3 driven by 2% volume growth and 9% price/mix growth. Full year organic revenue growth guidance raised to 10-11%.

Comparable operating margin expanded 20 basis points in Q3 due to strong top line growth and refranchising benefits.

Raised full year comparable EPS growth guidance to 7-8% vs 2021. Currency now expected to be a 6 point headwind to comparable EPS.

Continued momentum heading into 2024 but currency headwinds expected to persist. Will maintain flexibility to balance investment and delivering EPS growth.