Earnings, on a GAAP basis, grew 12% to $0.61 per share in the recently ended quarter. Non-GAAP EPS grew 4% to $0.63, which included the impact from a 9-point currency headwind. Organic revenue grew 6%.
For the full-year 2019, the Atlanta, Georgia-based company updated its revenue guidance. Coca-Cola now expects its organic revenue to grow 5% versus the previously estimated growth of about 4%. Comparable currency neutral net revenues (non-GAAP) are estimated to grow 12% compared to the prior growth range of 12-13%.
For comparable net revenues, the company expects 4% currency headwind in 2019 based on the current rates and including the impact of hedged positions compared to the previously guided range of 3-4%. 2019 non-GAAP EPS growth was maintained in the previously projected range of -1% to 1% growth versus $2.08 in 2018.
For Q3 comparable net revenues (non-GAAP), Coca-Cola sees 6% tailwind from acquisitions, divestitures, and structural items; 3% currency headwind based on the current rates and including the impact of hedged positions.
Earlier this month, rival beverage maker PepsiCo (NASDAQ: PEP) reported a 2% increase in revenues to $16.4 billion for its most recent quarter. Meanwhile, adjusted earnings dropped to $1.54 per share due to lower margins.
Shares of Coca-Cola have given a positive return of 8% so far this year and 13% in the past 12 months period.