Coca-Cola (KO) Q3 2022 earnings

A Coca-Cola truck in New York City.

Alexi Rosenfeld | Getty Images

Coca-Cola is expected to report its third-quarter earnings before the bell on Tuesday.

Here’s what Wall Street analysts surveyed by Refinitiv are expecting:

  • Earnings per share: 64 cents expected
  • Revenue: $10.52 billion expected

Rival PepsiCo reported its results earlier this month and hiked its full-year outlook as higher prices fueled sales growth for drinks like Gatorade and Mountain Dew. Coke has similarly been raising prices to mitigate higher costs, but investors will be watching for any signs that consumers are trading down to cheaper options.

Last quarter, Coke raised its forecast for organic revenue growth from a range of 7% to 8% to a range of 12% to 13%. However, it reiterated its outlook for earnings per share growth of 5% to 6%, saying that inflation was looking steeper than previously expected.

But Coke may need to rethink its expectations for 2022 again as the U.S. dollar strengthens. Roughly two-thirds of Coke’s revenue comes from international markets, and other multinational companies have seen foreign currency rates take a chunk of their sales.

Shares of Coke have fallen about 3% this year, bringing its market value down to $247.6 billion. Nonetheless, the stock has outperformed the broader market. The S&P 500 is down about 20% this year.