Coca-Cola posts revenue of USD11.85B in Q3
Date
10/24/2024 9:57:26 AM
(MENAFN) The Coca-Cola Company released its third-quarter earnings on Wednesday, reporting revenue of 11.85 billion U.S. dollars, surpassing the forecasted 11.61 billion U.S. dollars. This strong financial performance reflects the company's ability to adapt in a challenging global environment. Additionally, Coca-Cola's operating income reached 2.51 billion U.S. dollars, and net income stood at 2.85 billion U.S. dollars. The company also saw a 5 percent increase in comparable earnings per share, rising to 0.77 U.S. dollars, beating market estimates.
James Quincey, chairman and CEO of Coca-Cola, emphasized the company's resilience in the face of a dynamic external environment. He credited Coca-Cola's sustained business performance to its ability to navigate the economic landscape and adjust to shifting consumer demands. Sparkling soft drinks, including the iconic Coca-Cola brand, maintained steady sales during the quarter, while Coca-Cola Zero Sugar achieved impressive growth of 11 percent. The tea category also expanded by 7 percent, driven by strong sales in key regions such as the Asia Pacific, Latin America, Europe, the Middle East, and Africa.
Looking ahead, Quincey highlighted the significant growth potential of the Chinese market, reaffirming Coca-Cola's confidence in its long-term prospects there. He noted that the company is poised to continue making strategic investments to capture future growth opportunities, with China remaining a key focal point for expansion. Coca-Cola's optimism about the Chinese market stems from ongoing economic development and consumer demand trends, which the company aims to leverage in the coming years.
In recent years, Coca-Cola China has made significant strides in expanding its footprint across various regions of the Chinese mainland. Special attention has been given to strengthening its presence in the South China market, where the company is focusing on deepening its market penetration. This expansion strategy reflects Coca-Cola's broader goal of accelerating growth in high-potential markets, ensuring its competitive edge in the global beverage industry.
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