Coca-Cola’s stock jumps after profit and revenue beat expectations as price and volume rose

Shares of Coca-Cola Co.
KO,
+2.65%
jumped 2.4% in premarket trading Tuesday, after the beverage giant beat third-quarter profit expectations and provided an upbeat outlook, as unit case volume returned to growth. Net income rose to $3.09 billion, or 71 cents a share, from $2.83 billion, or 65 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 74 cents beat the FactSet consensus of 69 cents. Revenue grew 8.0% to $11.95 billion, above the FactSet consensus of $11.44 billion. Price and mix increased 9%, while concentrate sales and unit case volume rose 2%, after unit case volume was flat in the second quarter. For 2023, the company expects adjusted EPS growth of 7% to 8% from $2.48 in 2022, which implies EPS of $2.65 to $2.68. That’s above the current FactSet consensus of $2.64. The stock has dropped 13.4% over the past three months through Monday, while the Dow Jones Industrial Average
DJIA,
+0.64%
has lost 7.0%.