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This morning before the stock market open Coca-Cola reported earnings of 69 cents a share for the third quarter. That was up from 65 cents a share in the third quarter of 2021 and was above the 64 cents a share expected by Wall Street analysts.

Revenue of $11.1 billion was higher than the $10.5 billion projected by Wall Street.

Today, October 245, as of 1 p.m. New York time Coca-Cola shares are up 1.30%.

For 2022, Coca-Cola said that it expects revenue growth between 14% and 15%, which is higher than the 12% to 13% it had predicted earlier. Coca-Cola also raised its forecast for 2022 growth in adjusted earnings to a range of 6% to 7% from 5% to 6%.

The biggest positive in the quarter was a 12% increase in revenue growth linked mostly to raising prices. But what should be most cheering to investors is that despite the price increase, consumers bought more from the company. Volume sold rose by 4% in the period.

The company did issue cautionary comments in its conference call. “In the face of these pressures, consumers stayed resilient,” James Quincey, Coca-Cola’s chief executive said. He added, however, that he saw emerging changes in consumer behavior as “the impact of inflation running ahead of wages is starting to come through.” That led to shoppers putting off purchases of “more discretionary, higher-ticket” items, Mr. Quincey said, and seeking out cheaper options for other products. And the company said that it expects the strong U.S. dollar to continue to be a problem for its international businesses. For comparable net revenue in 2022, Coca-Cola expects a 7% currency headwind based on current rates. It said earlier that it expected 6%.

I have owned Coca-Cola in my Jubak Picks Portfolio since February 19, 2021. The stock is up 16.38% since that date as of October 25. I also own the shares in my long-term 50 Stocks Portfolio. Since April 27, 2022, that position is down 10.35%.

I also hold Coca-Cola in my Dividend Portfolio. The stock is up 27.13% since May 1, 2020. The shares currently pay a 3.15% dividend.