Coca-Cola Company (NYSE:KO) reported third-quarter FY23 sales growth of 8% year-on-year to $11.95 billion, beating the analyst consensus estimate of $11.44 billion. Revenue performance included a 2% growth in concentrate sales and a 9% growth in price/mix. Unit case volume grew 2% in the quarter. Organic revenues increased 11%. Gross profit rose 12% to $7.296 billion with a profit margin of 61%. The operating margin contracted 50 basis points to 27.4%, while the comparable operating margin gained 20 basis points to 29.7%. Operating income for the quarter increased 6% to $3.27 billion. Adjusted EPS of $0.74 beat the analyst consensus estimate of $0.69. Operating cash flow generated year-to-date was $8.9 billion, an increase of $861 million from the prior year. KO held $15.4 billion in cash and equivalents as of Sept. 29, 2023. Coca-Cola’s regular quarterly dividend of $0.46 per common share is payable Dec. 15 to shareowners of record of

Outlook: Coca-Cola raises FY23 organic revenue growth outlook from 8% – 9% to 10% – 11%, KO sees comparable currency neutral EPS growth of 13%-14% (prior 9%-11%) and comparable EPS growth of 7%-8% (prior 5%-6%) versus $2.48 in 2022. Coca-Cola continues to expect to repurchase shares to offset dilution resulting from employee stock-based compensation plans.