Coca-Cola (KO, Financial) stock dropped 2% Wednesday as unit case volumes fell short of the forecasted Q3 performance. Driven mostly by a 2% dip in concentrate shipments, which Coca-Cola ascribed to the timing of shipments, the business reported a 1% year-over-year decline in unit case volumes.
Volumes in the Asia Pacific and Europe, Middle East, and Africa areas each dropped 2% while North America and Latin America stayed level. Coca-Cola topped analyst expectations of 75 cents per share and $11.65 billion, respectively, despite these obstacles with adjusted profits per share of 77 cents and revenue of $11.85 billion.
The company's price/mix increased by 10%, with roughly 4 percentage points ascribed to markets showing notable inflation while the rest was driven pricing policies and mix changes. Though he admitted to the temporary hiccups, CEO James Quincey said, "Our system's ability to manage near-term challenges while also remaining focused on long-term growth opportunities" is encouraging. Coca-Cola now projects 10% full-year organic income growth, somewhat above its range of 9% to 10%. Coca-Cola shares have increased around 15% year-to-date despite Wednesday's drop.
