Coca-Cola expands small brands, mixers
Coca-Cola, looking to adapt to people's changing tastes, wants to expand new and smaller brands, including drinks that can be mixed with alcohol.
The company said Wednesday more people want to sip on beverages made in small batches, instead of mass-produced sodas. Knowing that, Coca-Cola recently bought Mexican sparkling water brand Topo Chico, which it said has a strong following in Texas. It said it will look to develop other smaller brands, such as its Blue Sky soda, which is made with cane sugar instead of high-fructose corn syrup.
Alcohol mixers are also becoming more popular around the world, said CEO James Quincey, and the company launched a mixer in Spain called Royal Bliss this year as well as a new line in the U.K.
"More consumers seek unique and distinct products with sophisticated flavors, quality ingredients and smaller-scale production," said Quincey.
The Atlanta-based company said the U.S. launch of Coca-Cola Zero Sugar, a reformulated replacement for Coca-Cola Zero, was successful. Overall sales volume of its bubbly soft drinks during the most recent quarter was flat in North America, the company's biggest market. Sales volume of Sprite, bottled tea and bottled coffee grew, while its various waters fell.
Coca-Cola reported better-than-expected earnings and revenue for the third quarter. It posted net income of $1.45 billion, or 33 cents per share, in the three months ending Sept. 29. That's up from the $1.05 billion, or 24 cents per share, in reported in the same quarter a year ago.
Adjusted earnings came to 50 cents per share, a penny above what analysts were expecting, according to Zacks Investment Research.
Revenue fell 15 percent $9.08 billion in the period, beating the $8.84 billion analysts expected.
Visa profits rise 12 percent in 2017
Visa's profit jumped 11 percent in the fourth quarter on rising payment volumes with its acquisition of Visa Europe.
Volume rose 9.8 percent compared with the same period last year, the company said Wednesday, to $1.93 billion.
The profit for the final quarter of the year rose to $2.14 billion, from $1.93 billion.
On a per-share basis, the San Francisco company had a profit of 90 cents, beating Wall Street expectations by 5 cents per share, according to a survey by Zacks Investment Research. Visa's stock ended Wednesday up $1.08, or 1 percent, at $109.49. It has risen 40 percent so far this year..
"Visa ended our fiscal year as we began, with strong growth across payments volume, cross-border volume and processed transactions, which was bolstered by the addition of Visa Europe," said CEO Alfred Kelly Jr. "We're very pleased with our progress in Europe and will continue to make strategic investments that will further strengthen our franchise there and globally."
Profits for the year rose 12 percent, to $6.7 billion.
The global payments processor posted revenue of $4.86 billion in the quarter, which also topped Wall Street expectations of $4.62 billion.
Boeing earnings beat expectations
Boeing is reported a better-than-expected, third-quarter net income of $1.85 billion and raised its outlook for the year.
The Chicago company earned $3.06 per share, or $2.72 when adjusted for one-time gains and charges. That's 7 cents better than industry analysts had predicted, according to a poll by Zacks Investment Research.
Revenue was $24.31 billion, also edging out Wall Street predictions.
Boeing expects full-year earnings in the range of $9.90 to $10.10 per share, a dime better than earlier forecasts.