Coca-Cola leads estimates of demand for sugar-free soft drinks

(Reuters) – Coca-Cola Co (KO.N) posted a quarterly revenue and profit higher than Wall Street estimates on Tuesday, as more and more consumers look for sugar-free soft drinks, premium water and sports drinks.

Coca-Cola, along with its PEP.N competitor, PepsiCo Inc., has expanded its non-carbonated beverage portfolio and intensified its efforts to reduce sugar in its beverages as consumers seek healthier options.

The company paid $ 5.1 billion for the world's second-largest coffee chain, Costa, and took a stake in BodyArmor, a sports energy drink, backed by Kobe Bryant, to court a younger population that prefers Sip a coffee with milk while drinking large sodas.

The organic business, or sales of its core beverage business, grew 6% in the third quarter, with the main contributors being Diet Coke, Coke Zero and sparkling water.

Volumes, a key indicator of demand, increased 2% in the quarter as a result of the strong performance of its Coca-Cola brand and the growth of low and zero calorie offerings from Sprite and Fanta, the company said. .

Soda sales increased 2%.

Net income attributable to shareholders of the company reached $ 1.88 billion, or 44 cents per share, in the third quarter ended September 28, compared to $ 1.45 billion, or 33 cents per share, a year earlier. .

Coca-Cola reported earnings per share of 58 cents per share, 3 cents lower than the average estimate.

Revenues fell 9% to $ 8.25 billion as a result of the sale of its low-margin bottling operations.

Analysts had estimated the business figure at $ 8.17 billion, according to Refinitiv estimates.

The company's shares increased by 1.4% in pre-market trading.