Coca-Cola Company Q3 Profit Beats Estimates; Organic Revenues Down 6%

(RTTNews) - The Coca-Cola Company (KO) reported that its third quarter comparable earnings per share declined 2% year-on-year to $0.55. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.46, for the quarter. Analysts' estimates typically exclude special items. Comparable currency neutral operating income grew 7%, driven by effective cost management across operating groups, partially offset by top-line pressure due to the coronavirus.

Third quarter net revenues declined 9% to $8.7 billion. Organic revenues declined 6%. The company noted that its revenue performance included a 4% decline in concentrate sales and a 3% decline in price/mix. Global unit case volume declined 4% as continued strength in at-home channels was more than offset by coronavirusrelated pressure in away-from-home channels. Analysts expected revenue of $8.35 billion, for the quarter.