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Coca-Cola Içecek Anonim Sirketi profit misses consensus by 20.6% in Q3

Coca-Cola Içecek Anonim Sirketi said its third-quarter normalized net income amounted to 44 kurus per share, compared with the S&P Capital IQ consensus estimate of 55 kurus per share.

EPS rose year over year from 15 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 111.0 million lira, an increase from 39.8 million lira in the year-earlier period.

The normalized profit margin increased to 4.9% from 1.8% in the year-earlier period.

Total revenue climbed on an annual basis to 2.24 billion lira from 2.20 billion lira, and total operating expenses grew on an annual basis to 1.93 billion lira from 1.88 billion lira.

Reported net income increased year over year to 154.2 million lira, or 61 kurus per share, from 54.3 million lira, or 21 kurus per share.

As of Nov. 2, US$1 was equivalent to 3.12 Turkish lira.