Coca-Cola (KO) Q3 2023 results

A Coca-Cola truck in New York City.

Alexi Rosenfeld | Getty Images

Coke The company is expected to report its third-quarter results before the bell on Tuesday.

Here’s what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, expect:

  • Earnings per share: 69 cents
  • Revenue: $11.44 billion

Shares of the beverage giant have fallen 15% this year, sending its market value down to about $234 billion. Shares are under pressure as investors worry about both short- and long-term challenges for Coca-Cola.

Like many companies, Coke has raised prices on its products, prompting some consumers to seek cheaper private label options instead. The strong US dollar makes its drinks even more expensive abroad. And while many raw materials have become cheaper, sugar prices have remained high.

But sugar doesn’t just hurt Coca-Cola’s profit margins. Walmart said users of the diabetes drug Ozempic are spending less on groceries and shipping shares of Coca-Cola and competitors like Coca-Cola PepsiCo lower.

Although Coca-Cola has shifted its portfolio to include fewer sugary drinks in recent years, its namesake brand and other sodas remain important to the company’s net sales. Alcoholic drinks such as Cola were recently introduced, and consumption has also declined among consumers of the so-called GLP-1 drugs.

For 2023, Coke expects comparable adjusted earnings per share growth of 5% to 6% and organic sales growth of 8% to 9%.

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