Coca-Cola Lifts FY23 Outlook - Update

(RTTNews) - Coca-Cola Co. (KO), while reporting higher third-quarter profit and revenues, on Tuesday updated fiscal 2023 forecast.

For the year, the company now expects to deliver comparable currency neutral earnings per share growth of 13 percent to 14 percent and comparable earnings per share growth of 7 percent to 8 percent from last year's $2.48.

The company previously expected comparable currency neutral earnings per share growth of 9 percent to 11 percent and comparable earnings per share growth of 5 percent to 6 percent from last year.

Further, the company now expects to deliver organic revenue growth of 10 percent to 11 percent, higher than previously expected growth of 8 percent to 9 percent.

In the third quarter, Coca-Cola's profit increased from the same period last year and beat the Street estimates.

The company's earnings came in at $3.09 billion, or $0.71 per share. This compares with $2.83 billion, or $0.65 per share, in last year's third quarter.

Adjusted earnings were $3.21 billion or $0.74 per share for the period.

Analysts on average had expected the company to earn $0.65 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 8.0 percent to $11.95 billion from $11.06 billion last year.

In pre-market activity on the NYSE, Coca-Cola shares were trading at $55.40, up 2.4 percent.

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