Coca-Cola raises outlook, continued price hikes lift sales

Coca-Cola Co. said that consumers were continuing to pay the higher prices that have buoyed the company during recent quarters, with a key sales measure rising in the latest quarter.

The Atlanta-based maker of Sprite and Fanta sodas reported a 9% increase in third-quarter organic revenue, which excludes the impact of currency shifts and acquisitions. The average estimate of analysts was for growth of 6.3%.

The company’s price mix, or the prices it charges across a range of products, increased 10% in the quarter.

The global beverage purveyor reported adjusted earnings per share of 77 cents during the period, above the average estimate of 74 cents per share. The company now expects full-year organic growth of about 10%, compared with previous guidance for a range of 9% to 10%.

Still, total unit case volume was down by 1% in the quarter. Analysts had estimated an increase of .42% in unit case volume.

Coca-Cola shares dropped 2.2% in Wednesday premarket trading in New York. The stock is up 18% this year through the close of trading on Tuesday. The S&P 500 Index rose 23% for the period.