Coca-Cola Co (NYSE:PEP).
What To Know: Coca-Cola stock has faced selling pressure in recent sessions after Walmart Inc (NYSE:WMT) suggested weight loss drugs like Ozempic and Wegovy may be impacting food and snack sales.
Tuesday morning, PepsiCo reported adjusted earnings of $2.25 per share, which beat estimates of $2.15 per share. The company reported quarterly sales of $23.45 billion, which also beat estimates of $23.43 billion.
Management told investors on the call that the company is not seeing any impact on numbers from weight loss drugs.
PepsiCo also raised its full-year earnings growth outlook from 12% to 13%. The company now anticipates full-year earnings of $7.47 to $7.54 per share versus estimates of $7.49 per share. PepsiCo continues to expect full-year organic revenue growth of 10%.
Coca-Cola is due to report third-quarter earnings before the market opens on Oct. 24. Analysts are looking for earnings of 70 cents per share and revenue of $11.47 billion, according to estimates from Benzinga Pro.
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KO Price Action: Coca-Cola shares were up 1.83% at $53.85 at the time of writing, per Benzinga Pro.
Photo: Ernesto Rodriguez from Pixabay.
