The company posted quarterly EPS of $1.79, better than the consensus estimate of $1.73, and revenue of $20.19 billion, compares to the Street estimate of $19.39 billion.

Total company organic sales grew +9% (vs. Street estimate of +5.5%), which equates to +6.6% on a 2-year average basis – a 20 bps sequential acceleration from the June quarter. The upside surprise was driven by organic sales meets or beats across all reporting segments, with sizable over-delivery in Latam, AMESA, APAC, and Europe.

The company has proven its ability to execute amid volatility, but between rising cost pressure and reinvestment spend, there is little room for EPS upside relative to where consensus is.