Leading soft-drink concern Coca-Cola, said this morning that third-quarter net income rose 13% to $1.65 billion, or 71 cents per share. Revenue surged 19% during the latest reporting period to $7.69 billion, thanks in part to a weaker dollar and acquisitions. What's more, KO Chairman/CEO Neville Isdell observed that this strong performance was led by our international business. Coca-Cola reportedly banks about three-quarters of its profit from overseas.
Analysts were expecting per-share earnings of 68 cents on revenue of $7.32 billion.
Drilling into the sales data, unit case volume rose 6% for the third straight quarter, as international volume rose 8% while North American volume edged up 1%. Global volume for carbonated beverages was 4% higher while the still beverages segment including Dasani water and Powerade saw growth of 14%.
In pre-market trading, KO shares are fractionally higher. As I noted on Monday, the shares have been in a tight consolidation phase in recent weeks after months of outperformance. This positive earnings surprise could be the impetus Coke shares need to overcome the 58 level, which has capped the stock in recent sessions.