Shares of Coca-Cola are up nearly 14% over the past 12 months.
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Shares of Coca-Cola were on the rise in premarket trading Wednesday after the beverage giant reported third-quarter earnings and revenue that topped Wall Street expectations and lifted its full-year profit guidance.
Coca-Cola (ticker: KO) advanced nearly 3% in premarket trading to $56.07. The stock has fallen about 0.7% in 2021.
Earnings in the quarter on an adjusted basis were 65 cents a share, topping estimates of 58 cents. Revenue of $10 billion, an increase of 16.1% from a year earlier, also topped expectations. Organic revenue, a non-GAAP figure, jumped 14% in the quarter.
A year earlier, Coca-Cola earned 55 cents a share on sales of $8.7 billion.
Unit case volume in the period rose 6%.
Coca-Cola raised its earnings outlook for 2021, saying it expects adjusted profit growth of 15% to 17%. It forecast organic revenue growth of 13% to 14%.
Analysts surveyed by FactSet rate Coca-Cola shares at Overweight with an average target price of $61.95.
Write to Joe Woelfel at [email protected]
