Coca-Cola Stock Slips as Volumes Drop Offsets Better-Than-Expected Results

Core Insights - Coca-Cola reported a decline in unit case volumes, which offset better-than-expected adjusted profit and sales figures [1] - The company experienced a 2% year-over-year decline in concentrate shipments due to shipment timing [1] - Price/mix increased by 10%, driven by regions with high inflation [1] Group 1: Financial Performance - Third-quarter unit case volumes decreased by 1% year-over-year, primarily due to a 2% decline in concentrate sales [1] - Adjusted earnings per share (EPS) were reported at $0.77, while revenue fell by 0.8% to $11.85 billion, exceeding analyst expectations of $0.75 EPS and $11.65 billion in revenue [1] - Price/mix growth of 10% included approximately 4 percentage points from markets experiencing intense inflation [1] Group 2: CEO Insights and Future Outlook - CEO James Quincey expressed optimism about the company's performance in 2024, highlighting the ability to manage near-term challenges while focusing on long-term growth [2] - Coca-Cola revised its full-year organic revenue growth forecast to 10%, up from a previous outlook of 9% to 10% [2] - Despite a 2% drop in shares on the reporting day, Coca-Cola's stock is up approximately 15% in 2024 [2]