Coca-Cola Co. said Wednesday its third-quarter revenue fell as sales volumes flattened or declined around the world.
But the company still beat Wall Street’s forecasts and said it expects full-year organic revenue to rise 10%, which is at the high end of its previous guidance.
The Atlanta beverage giant said its revenue fell 1% to $11.9 billion. That beat Wall Street’s forecast of $11.6 billion, according to analysts polled by FactSet.
Coke hiked prices 10% in the July-September period. The company said that was partly due to hyperinflation in markets like Argentina. Coke has raised prices every quarter since the end of 2020.
But those higher prices could be hurting demand. Coke said its unit case volumes fell 1% for the quarter. Demand for Coca-Cola Zero Sugar was up 11% but sales of juice, dairy, water, sports drinks and coffee were down.
In North America, unit case volumes were flat. Growth for brands like Fairlife milk and trademark Coca-Cola was offset by lower sales of water and sports drinks. Volumes were also flat in Latin America. Sales volumes fell 2% in both Asia and in Coke’s Europe, Middle East and Africa segment.
Coke shares fell 2% in premarket trading Wednesday.