By Allison Prang

 

Coca-Cola Co.'s revenue declined in the third quarter as the company continued to see pressure in its away-from-home channels.

The beverage company said profit was $1.74 billion, or 40 cents a share. A year earlier, net income was $2.59 billion, or 60 cents a share. The company logged adjusted earnings of 55 cents a share.

Net operating revenues of $8.65 billion fell 9% year over year. They were more than analysts' consensus according to FactSet of $8.36 billion. Organic revenue also declined.

The company said the drop in revenue was "driven by ongoing pressure in away-from-home channels partially offset by sustained growth in at-home channels" as coronavirus-pandemic lockdowns and restrictions continue to affect some markets.

 

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

October 22, 2020 07:32 ET (11:32 GMT)

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