Coca-Cola (NYSE: KO) reported its third quarter financial results on Friday morning. The beverage maker reported better-than-expected revenue, driven by sales of healthier alternative options. Coke shares edged higher by 1.6%.
For the third quarter, Coca-Cola reported earnings of USD 0.56 per share on revenue of USD 9.5 Billion. Coke reported in-line earnings with Refinitiv analysts’ estimates, but topped revenue expectations of USD 9.4 Billion.
Coke reported that revenue grew by 8% year-over-year. The Company highlighted in its press release that its trademark Coca-Cola has grown retail value of 6% year-to-date through acceleration of innovative drinks and optimizing price/pack in the marketplace.
The largest market driver for the quarter was Coke’s U.S. market, driven by the continued double-digit growth of its Coca-Cola Zero Sugar and double-digit growth in its 7.5oz mini cans. Additionally, stronger sales of Minute Maid and Simply also boosted Coke’s North American portfolio market.
Internationally, Coke said it launched its Coca-Cola Plus Coffee in more than 20 markets, which drove stronger performances. Demand for sparking soft drinks brands continued to accelerate revenue as well.
Moreover, Coke is also introducing its new energy drink, Coke Energy. The drink is expected to be available in 25 countries and will be making its U.S. debut in January with additional zero calorie options.
Based on the stronger-than-expected quarter, Coke updated its full-year guidance. As for fiscal 2019, Coke is now expecting at least 5% growth in organic revenues after telling investors it expects 5% organic revenue growth previously.
Coke is also projecting earnings growth of minus or plus 1% compared to USD 2.08 in 2018 in comparable EPS.
Following the quarterly earnings release, Coke shares are now up 15.4% this year.