09:10 AM EDT, 10/23/2024 (MT Newswires) -- Coca-Cola (KO) on Wednesday reported better-than-expected third-quarter results as pricing gains more than offset volume declines.

The company's adjusted earnings came in at $0.77 a share for the quarter ended Sept. 27, up from $0.74 the year before, topping the Capital IQ-polled consensus of $0.75. Adjusted revenue edged up to $11.95 billion from $11.91 billion last year, ahead of the Street's view for $11.61 billion.

"Our business continues to demonstrate resilience in the face of a dynamic external environment," Chief Executive James Quincey said in a statement. "We are encouraged by our year-to-date performance and our system's ability to manage near-term challenges while also remaining focused on long-term growth opportunities."

The snacks and soft drinks company logged a 10% increase in consolidated price and mix, with roughly four points driven by pricing in markets experiencing "intense inflation." Concentrate sales, which reflect the quantity of concentrates, syrups, beverage bases, source waters and powders and minerals sold by the company, declined 2%.

Consolidated unit case volume decreased 1% in the quarter, with growth in Brazil, the Philippines and Japan more than offset by declines in China, Mexico and Turkey. Volume was flat in North America and Latin America, and declined 2% each in the Asia Pacific and Europe, the Middle East and Africa regions. The stock was down 1.8% in premarket activity.

Volume fell 4% in the water, sports, coffee and tea division and 3% in the juice, value-added dairy and plant-based beverages segment. Sparkling soft drinks and trademark Coca-Cola were both even, according to the company.

Coca-Cola now anticipates organic revenue growth of roughly 10% for fiscal 2024 versus its prior projections for a 9% to 10% gain. The Street is looking for $46.09 billion in revenue. The company continues to expect adjusted EPS to rise between 5% and 6% in 2024 year over year, while the market currently estimates normalized EPS of $2.85.

For the current three-month period, Coca-Cola expects currency headwinds of about 10% and 4% for adjusted EPS and revenue, respectively.

The company expects foreign currency to have a mid-single-digit impact on adjusted EPS percentage growth in fiscal 2025 and a low-single-digit hit on adjusted revenue based on current rates.

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