The Coca-Cola Co. said Tuesday its third-quarter revenue rose largely due to higher prices.
The Atlanta beverage giant said its organic revenue rose 6% to $12.41 billion in the July-September period. That was in line with what Wall Street expected, according to analysts polled by FactSet.
Coke said its unit case volumes were up 1% worldwide. Case volumes were flat in North America and Latin America and down 1% in Asia. But they rose 4% in the company’s Europe, Middle East and Africa region. The company said it raised prices 6% during the quarter.
Coca-Cola Zero Sugar was a standout in the third quarter, with unit case volumes up 14% globally, while Diet Coke and Coca-Cola Light sales grew 2%. Case volumes for water, sports drinks, coffee and tea rose 3%, while dairy and juice volumes fell 3%.
The company’s net income jumped 30% to $3.69 billion. Adjusted for one-time items, Coke earned 82 cents per share. That was also higher than the 78 cents analysts forecast.
Coca-Cola also said Tuesday it is refranchising its bottling operations in Africa. Coke and Gutsche Family Investments, a private South African company, have agreed to sell a 75% controlling interested in Coca-Cola Beverages Africa to Coca-Cola HBC AG, a major bottler for the company based in Switzerland. The deal is worth $2.55 billion.
Coca-Cola will retain a 25% stake in Coca-Cola Beverages Africa.
Coca-Cola Beverages Africa is the largest bottler on the continent, operating in 14 countries and accounting for 40% of Coke’s product volume in Africa. Coca-Cola HBC operates in 29 countries in Europe and Africa, including Nigeria and Egypt.
The transactions are expected to close by the end of 2026.
Coca-Cola shares rose 2.6% in premarket trading Tuesday.
By DEE-ANN DURBIN
AP Business Writer
