Coca-Cola is preparing to release its third-quarter earnings report on Wednesday before the market opens. Wall Street analysts surveyed by LSEG are anticipating earnings per share (EPS) of 74 cents and revenue of $11.60 billion.
In recent quarters, Coca-Cola has outperformed its main competitor, PepsiCo. PepsiCo has been dealing with setbacks, including the Quaker foods recall, slowing snack sales, and underperformance in its energy drink segment. In contrast, Coca-Cola has benefited from strong demand in its international markets, which has helped counterbalance weaker demand in the U.S., where consumers have been dining out less. This decline in off-premise sales prompted Coke to partner with restaurant chains to offer combo meal deals, aiming to attract customers back to the brand.
Despite the challenges in the U.S. market, Coca-Cola raised its full-year outlook during the last quarter and expressed confidence in its ability to meet those targets for the second half of the year. For 2024, the company expects organic revenue growth of 9% to 10% and comparable earnings growth in the range of 5% to 6%.
Shares of Coca-Cola have increased by 18% so far this year, bringing the company’s market value close to $300 billion.