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Faltering demand for sugary drinks has forced the world's two
largest beverage makers, Coca-Cola and PepsiCo Inc <PEP.O>, to
roll out low-sugar drinks, while diversifying their offerings
into coffee, tea and bottled waters to boost sales.
Coca-Cola has been rolling out new offerings such as Coca-Cola
Plus Coffee as well as drinks in small packs that command higher
prices and are more appealing to consumers. It also expanded its
coffee business with the multi-billion dollar purchase of
Britain-based Costa Coffee last year.
Volume in sparkling soft drinks rose 2% in the quarter, driven
by double-digit percentage growth in Coca-Cola Zero Sugar as
well as Coke and Sprite in North America.
Organic revenue, climbed 5% during the quarter, above the
average analyst estimate of 4.3%, according to five analysts
polled by Refinitiv.
Coca-Cola also said it now expects full-year organic revenue
growth excluding currency fluctuations, acquisitions and
divestitures to be at least 5%, from its previous forecast of 5%
growth.
The company's shares climbed 2% before the bell, adding to the
14% they have gained this year.
Net operating revenue rose 8.3% to $9.51 billion in the third
quarter ended Sept. 27, beating the average analyst estimate of
$9.43 billion, according to IBES data from Refinitiv.
Excluding items, Coca-Cola earned 56 cents per share, inline
with estimates.
(Reporting by Soundarya J in Bengaluru; Editing by Saumyadeb
Chakrabarty)
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