For the third quarter of 2019, Coca-Cola has recorded 38% profit translating into $2.6 billion.
According to Nairametrics, the information was disclosed on Friday by the Chief Executive Officer of the company, James Quincey who attributed the huge gains of the company in the third quarter to the solid sales of its soda and innovative products like smaller drink cans.
According to the Coca-cola CEO, the company scored higher sales of its flagship Coca-Cola and notched another quarter of double-digit growth in Coca-Cola Zero Sugar diet soda.
He said, “We are taking hold with our consumers, customers and system. Our profits rose 38 percent to $2.6 billion, off of an 8.3 percent increase in revenues to $9.5 billion.”
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Mr. Quincey further revealed that the results were also boosted by the huge sales of smaller 7.5-ounce mini-cans that enjoy higher profit margins in addition to key initiatives such as distributing more than 100,000 coolers in Brazil to take advantage of strong demand for immediate consumption drinks.
It was gathered that the company launched a new coffee product in more than 20 markets across the globe recently and has put plans in top gear to introduce new energy drinks in the United States next year having raised its full-year targets for revenues and operating income.
The company has also maintained the projection for earnings per shares and this has made its Shares rose 0.4% to $54.03 in pre-market trading.
Samson Oyedeyi
