Coca-Cola said third-quarter net revenue rose to $13.4 billion

Coca-Cola said third-quarter net revenue grew 7% to $13.4 billion, and that organic revenue, its non-GAAP measure, also grew 7%. The company’s release on Oct. 27 says that organic increase came from a 7% rise in concentrate sales and 1% growth in price and mix. It said concentrate sales ran 2 points ahead of unit-case volume because of shipment timing. The operating margin was 33.4%, against 32.0% a year earlier. The comparable operating margin, another of the company’s non-GAAP figures, was 32.9%, against 31.9%. Earnings were $0.93 a share, up 8%. Comparable earnings were $0.91 a share, up 11%. The company said both per-share figures included a 2-point currency tailwind. Those comparable and organic figures are Coca-Cola’s.

Unit-case volume grew 5%, led by India, China, Mexico and Brazil, the release says. Sparkling soft drinks grew 5%. The company said Trademark Coca-Cola grew 5% and Coca-Cola Zero Sugar grew 16%, both across every geographic operating segment, and that Diet Coke and Coca-Cola Light grew 6%. Juice, value-added dairy and plant-based drinks were even. Water, sports, coffee and tea grew 5%, with water up 8% and sports drinks down 3%. Operating income grew 12%. Comparable currency-neutral operating income grew 8%. Year-to-date cash flow from operations was $12.5 billion and free cash flow, the company’s non-GAAP figure, was $11.4 billion. Coca-Cola said it gained value share in nonalcoholic ready-to-drink beverages.

The regional notes in the same release are not all in the same direction. Europe, the Middle East and Africa volume grew 5% and operating income grew 7%, and the company said it lost value share there. Latin America volume grew 6%, price and mix grew 7%, and operating income grew 29%, with comparable currency-neutral operating income up 14%. North America volume was even and operating income grew 5%. Asia Pacific volume grew 6%, price and mix fell 2%, and operating income grew 8%. Bottling Investments volume grew 8%, and the company said operating income grew 261% and comparable currency-neutral operating income grew 252%, including items affecting comparability. Those percentages are Coca-Cola’s.

The company said it is raising full-year guidance. Organic revenue growth is now “at least 5%,” against a prior “approximately 5%.” Comparable earnings growth is now “at least 11%,” against a prior 9% to 10%, including about a 3% currency tailwind and about a 1% headwind from acquisitions and divestitures. Free cash flow is now at least $13.0 billion, against a prior approximately $12.4 billion, from at least $15.2 billion of operating cash flow and about $2.2 billion of capital spending. The underlying effective tax rate in the outlook is 19.7%, against 19.9%. The release says the current outlook assumes a pending sale of bottling operations in Africa closes in the fourth quarter, and that closing depends on regulatory approvals. It also says the company cannot reconcile several of the projected non-GAAP measures to reported results without unreasonable effort. Chief executive Henrique Braun said the quarter gave the company confidence in the updated guidance. That outlook is the company’s, and the release treats it as forward-looking. A change in the share price is not a judgment on whether the shares should be owned.