Coca-Cola’s quarterly profits top estimates as it muscles out PepsiCo
Bengaluru — Coca-Cola’s quarterly profit and revenue topped analysts’ estimates, helped by a 3% rise in North American sales as it gains market share over arch rival PepsiCo. The company sold more Sprite, teas and coffees during the quarter, offsetting a dip in Diet Coke sales. In contrast, PepsiCo reported a drop in quarterly beverage sales in North America for the first time in two years, hit by weak demand for Gatorade and marketing missteps. "Coca-Cola is clearly gaining share, as evidenced by the very wide performance gap between itself and PepsiCo," RBC Capital Markets analyst Nik Modi wrote in a note. Analysts have attributed Coca-Cola’s market share gains to its franchising initiatives and a more aggressive push to sell juices, teas and vitamin water. Its recent acquisitions in the non-soda category include salty mineral water brand Topo Chico, Honest Tea and Unilever’s AdeS soy-based beverages. Beverage makers have been hit by consumers opting for healthier drinks, particul...
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