Coca-Cola's 3Q should show shifting trends

NEW YORK -- The Coca-Cola Co. should give investors a snapshot of the ever-shifting geographic and product mixes that are fueling growth for the world's biggest beverage maker when it reports its third quarter results Tuesday.

WHAT TO WATCH FOR: The Atlanta-based company has warned that unfavorable currency exchange rates could hurt its results for the period. Companies that do a lot of their business overseas are hurt when the dollar is strong because sales in other countries' currencies translate into fewer dollars back home.

JP Morgan analyst John Faucher notes Coke's results could also be hurt by weak consumer sentiment and negative product mix, meaning the company is relying more on less profitable items.

WHY IT MATTERS: Coca-Cola sells its products in nearly every corner of the globe _ Cuba and North Korea are the exceptions.

Even though North America remains its flagship market, sales volume at home is growing at a much slower pace than in emerging markets such as India, where the ranks of middle-class consumers are growing.

The types of drinks people want are also changing. In developed markets such as North America, for example, the soda consumption on a per capita basis has been declining. But the company's Powerade sports drink and Dasani bottled water are seeing healthy growth.

WHAT'S EXPECTED: After the company's two-for-one stock split this summer, analysts on average expect earnings of 51 cents per share, according to FactSet. Revenue is expected to be $12.37 billion.

LAST YEAR'S QUARTER: The company earned $2.22 billion, or 95 cents per share, on revenue of $12.25 billion.