10/30/2018, 11:58 AM (Source: TeleTrader)
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Coca-Cola EPS soars 62% to $0.54 in Q3

The Coca-Cola Company said on Tuesday it earned $0.54 per diluted share in the third quarter of 2018, marking a 62% jump compared to the same period a year earlier. Net income rose 38% to $1.4 billion, while operating income jumped 61% to $2.3 billion. Meanwhile, non-GAAP EPS rose by 14% to $0.58 in the quarter to September.

The global leader in carbonated soft drinks reported quarterly net operating revenues of $8.2 billion, down 9% compared to the corresponding three-month period in 2017. Coca-Cola attributed the decline in revenue to ongoing bottler refranchising. Non-GAAP revenues were up 6%, driven by concentrate sales growth of 4%.

"We continue to be encouraged by our performance year-to-date as we accelerate our evolution as an even more consumer-centric, total beverage company," CEO James Quincey stated. He added that "recent leadership appointments are intended to help accelerate the transformation" of the firm.

Coca-Cola stock rose 1.53% in pre-market trading on better-than-expected results.

Breaking the News / NP