Coca-Cola (NYSE: KO) is set to release its third-quarter earnings report on Tuesday before the market opens. The beverage giant exceeded revenue expectations in the previous quarter, reporting $13.37 billion in revenue, a 6% year-on-year increase. The company also surpassed analysts' estimates for both organic revenue and earnings per share (EPS), marking a strong performance.
For this quarter, analysts anticipate Coca-Cola's revenue to grow by 3.7% year-on-year, which aligns with the 3.9% increase recorded in the same quarter last year. Over the past 30 days, analysts have largely reconfirmed their estimates, suggesting stability in the company's outlook heading into earnings. Coca-Cola has a track record of rarely missing Wall Street's revenue estimates.
Looking at Coca-Cola's peers, Vita Coco reported a 33.7% year-on-year revenue growth, beating expectations by 6.1%, while Boston Beer saw a 3.2% revenue decline, in line with consensus estimates. Vita Coco's stock dropped 11% following its results, whereas Boston Beer's stock rose 2.7%. The broader beverages, alcohol, and tobacco segment has seen positive sentiment, with share prices up 3.9% on average over the last month. Coca-Cola's stock has risen 6.6% during the same period and is heading into earnings with an average analyst price target of $95.63, compared to its current share price of $92.90.