Coca-Cola continues to rack up revenue from its sports drinks segment.
The beverage giant generated $11.1 billion in revenue in Q3 2022 — a 10% increase year-over-year and surpassing Wall Street estimates of $10.52 billion. Sports drinks — which include BODYARMOR, Powerade, and Aquarius — grew 6% during the quarter.
- The company reported net income of $2.83 billion, compared to $2.47 billion in Q3 2021.
- Earnings per share reached 69 cents in Q3 2022, up from a projected 64 cents.
- Cash flow from operations was $8.1 billion year-to-date, down $1.2 billion year-over-year.
In 2018, Coca-Cola purchased a 15% stake in BODYARMOR, becoming the brand’s second-largest shareholder. Coca-Cola acquired the remaining shares in November 2021 for $5.6 billion, valuing BODYARMOR — which sponsors professional athletes like Mookie Betts, Naomi Osaka, and others — at $8 billion.
The brand also has deals with UFC and MLS.
’Round the World
Coca-Cola helped launch the World Cup Trophy Tour, which will visit 51 countries and territories prior to the 2022 FIFA World Cup in Qatar.
The tour began at FIFA’s headquarters in Switzerland and will end in Doha days before the World Cup. The tournament begins Nov. 20 and runs through Dec. 18.
