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Shares of the Dow component rose 2.5% in premarket trading.
Coca-Cola has been steadily raising prices in markets across the globe this year on expectations that its products were among the last to see a slowdown in demand during economic downturns. Lack of major competition in the global carbonated drinks market has also encouraged Coke and rival PepsiCo (NASDAQ:PEP) Inc to hike prices. PepsiCo raised its annual forecasts earlier this month after topping quarterly revenue estimates. Coca-Cola said net revenue rose 10% to $11.1 billion in the third quarter ended Sept. 30. Analysts on average had expected revenue of $10.52 billion, according to Refinitiv IBES data.
The company forecast organic revenue, which excludes the impact of a stronger dollar, to rise 14% to 15% in 2022, compared to prior expectation of 12% to 13% increase.
Coca-Cola forecast full-year adjusted earnings per share to rise 6% to 7%, compared to prior expectation of 5% to 6% growth.
