Coca-Cola (KO) shares lost ground Wednesday as a surprise drop in unit case volumes offset ♒better-than-expected results at the world's biggest soft drink maker.

The company reported third-quarter unit case volumes were down 1% year-over-year, primarily driven by a 2% decline in concentrate sales. Coca-Cola blamed that on the timing of shipments. Volumes fell 2% in both the Asia Pacific and Europe, Middle East, and Africa regions. They were flat in North America and Latin America. 

The volume drop came as higher prices helped the company exceed adjusted profit and revenue forecasts. Coca-Cola posted adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.77, with revenue falling 0.8% to $11.85 billion. Ana🅺lysts surveye🎶d by Visible Alpha were anticipating $0.75 and $11.65 billion, respectively.

Price/mix grew 10%, with approximately 4 percentage points coming from markets "experiencing intense inflation, with the remainder driven by pricing actions in the marketplace and favorable mix."

CEO Notes 'Near-Term Challenges'

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) James Quincey said the company was encouraged by its performance so far in 2024, and "our system's ability to manage near-terꦬm challenges while also remaining focused on long-term growth opportunities."

Coca-Cola now predicts full-year 澳洲幸运5官方开奖结果体彩网:organic revenue growth of 10% compared with the previous outlook of 9% to 10%, as it sees "pricing impact of a number of markets experiencing intense inflation."

Shares of Coca-Cola fell 2% Wednesday morning but are up about 15% in 2024.