Coca-Cola stock surges after profit and revenue beats, raised outlook

Shares of Coca-Cola Co. KO, +0.44% surged 3.0% in premarket trading Wednesday, after the beverage giant reported third-quarter profit and revenue that rose above expectations, with all geographic regions saw revenue and unit case volume growth, and raised its full-year earnings growth view.

The company reported net income that rose to $2.47 billion, or 57 cents a share, from $1.74 billion, or 40 cents a share, in the year-ago period.

Excluding nonrecurring items, adjusted earnings per share came in at 65 cents, beating the FactSet consensus of 58 cents.

Revenue grew 16.1% to $10.04 billion, above the FactSet consensus of $9.77 billion, including 8% growth in concentrate sales. Unit case volume rose 6%, amid improving performance in away-from-home channels.

For 2021, the company raised its adjusted EPS growth guidance range to 15% to 17% from 13% to 15%, while the current FactSet EPS consensus of $2.26 implies 15.9% growth.

The stock has declined 4.9% over thepast three months through Tuesday, while the Dow Jones Industrial Average DJIA, +0.04% has gained 2.0%.