The Atlanta-based beverage and snack company revealed that its consolidated net income dropped 7.6% to $2.85 billion for the third quarter ending September 27, down from $3.08 billion the previous year.
Earnings per share fell by 7.0%, reaching 66 cents compared to 71 cents a year earlier, primarily due to currency pressures.
Net operating revenue also declined by 0.8%, totaling $11.85 billion, compared to $11.95 billion in the same period last year.
The cost of goods sold remained nearly unchanged at $4.66 billion while selling, general, and administrative expenses slightly decreased to $3.64 billion from $3.67 billion.
CEO James Quincey commented, "Our business continues to show resilience despite a challenging external environment."
Looking ahead to the final quarter, Coca-Cola projects a 10% foreign exchange headwind on comparable earnings per share and a 3% to 4% impact from acquisitions, divestitures, and structural changes.
The company also expects a 4% foreign exchange headwind on comparable net revenue and a 4% to 5% headwind from the same factors.
For 2024, Coca-Cola anticipates organic revenue growth of approximately 10%, highlighting operational solid performance and expected pricing impacts in markets facing significant inflation.
In 2025, the company predicts that comparable net revenues will experience a low-single-digit currency headwind.
CEO Quincey expressed optimism about the company's year-to-date performance and ability to navigate near-term challenges while remaining focused on long-term growth opportunities.
