Investing.com - Coca-Cola (NYSE:KO) reported on Thursday third quarter earnings that beat expectations, helped by increased demand for its beverages although its away-from-home business continues to be hit by the shutdowns caused by the Covid-19 pandemic.
Coca-Cola announced earnings per share of $0.55, down 2% on the year, on revenue of $8.65 billion, down 9%. Analysts polled by Investing.com anticipated EPS of $0.46 on revenue of $8.36 billion.
However, this drop of 9% in revenues represents an improvement from the 28% drop the previous quarter. Organic sales, which strip out acquisition and currency impacts, fell 6% for the three months ended Sept. 25, but improved from a 26% fall in the second quarter.
The company's stock rose 1% premarket, but is still down 9% from the beginning of the year.
"Throughout this year's crisis, our system has remained focused on its beverages for life strategy. We are accelerating our transformation that was already underway, shaping our company to recover faster than the broader economic recovery," said James Quincey, chairman and CEO of The Coca-Cola Company. "While many challenges still lie ahead, our progress in the quarter gives me confidence we are on the right path."
The soft drinks giant is suffering from sales pressure in its away-from-home channels, but these have been partially offset by sustained growth in at-home sales. Since the company's last earnings update in July, global unit case volume trends have continued to improve, but the pace in the third quarter was more gradual than the second quarter.
The company declined to provide full-year guidance, citing uncertainty surrounding the coronavirus pandemic.
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