Coca-Cola reported higher-than-expected revenue in the third quarter as higher prices offset lower sales volumes.
Revenue fell 1% to $11.9 billion, but still beat Wall Street’s forecast of $11.6 billion, according to analysts polled by FactSet.
The Atlanta beverage giant raised prices 10% in the July-September period. Coke has raised prices every quarter since the end of 2020. But unit case volumes fell 1%.
Coke’s net income fell 8% to $2.8 billion. Adjusted for one-time items, the company earned 77 cents per share, which also beat analyst expectations of 75 cents.
Coke shares fell 2% in premarket trading Wednesday.
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