Coca-Cola Co (NYSE: KO) posted its financial results for the third quarter of 2017, with revenues decreasing but still beating estimates. Shares of the company were down 0.4% to $46 per share in premarket trading Wednesday.
According to the company, net revenues decreased 15% to $9.08 billion for the third quarter, but still surpassing analysts’ estimates of $8.72 billion. The drop in revenue was mainly due to the bottling divestitures.
Net income for the company increased from $1.05 billion, or $0.24 per share, for the same period last year, to $1.45 billion, or $0.33 per share, for the third quarter of 2017. Adjusted earnings per share rose from $0.49 to $0.50, beating analysts’ estimates of $0.49 per share.
For the full year, the company expected earnings to be in the range of flat to decrease 2% from $1.91 per share of 2016. Organic revenue was expected to increase 3%.
“I am encouraged with our progress and results in the quarter,” James Quincey, the President and Chief Executive Officer of The Coca-Cola Company, said in the statement on Wednesday. “Our performance reflects the strength of an organization that is focused on delivering against its financial commitments while also making substantial structural and cultural changes.”