Coca-Cola raises full-year forecast after stronger than expected third quarter

Coca-Cola has raised its full-year revenue forecast after a stronger than expected third quarter.

Atlanta-based Coke said it now expects its organic revenue will be up 10% to 11% for the year.

That is up from the 8% to 9% guidance the company announced at the end of the second quarter. It expects earnings – adjusted for currency variations – will grow 13% to 14%, up from a previous forecast of 9% to 11%.

Shares rose 2% in pre-market trading.

The company said its global case volumes rose 2% for the July-September period.

Coffee sales saw the strongest growth, as demand grew in the UK and China. Coca-Cola Zero Sugar sales were up 3% on growing demand in Latin America and North America, while Powerade sports drink sales also grew 3%.

Water sales were up 1%, while tea sales fell 1% on declining demand in Turkey and Latin America.

Net revenue grew 8% to 11.9 billion US dollars in the July-September period, topping the 11.4 billion dollars that Wall Street had forecast, according to analysts polled by FactSet. Net income rose 9% to 3.1 billion dollars.

The company continued to raise prices to offset higher ingredient costs, but at a more moderate pace. Prices rose 9% in the most recent quarter compared with the double-digit increases Coke instituted in the previous five quarters.