Record third quarter earnings and nine month sales and earnings were reported yesterday by Coca-Cola Co. of Atlanta.

Third quarter profits totaled $93.3 million (77 cents a share) up from $83.5 million (69 cents) a year earlier. Sales rose to $948.9 million from 840.1 million.

Nine month earnings rose to $254.9 million ($2.09) compared with $228 million ($1.87) a year before. Sales advanced to $2.68 billion from $2.35 billion.

Figures for 1976 were restated to include operations of Taylor Wine Co. which was acquired by Coca-Cola last January. In addition per-share figures were restated to reflect a two-for-one split in the company's stock, which took effect last May.

Quaker Outs Co. of Chicago reported lower first quarter earnings yesterday due primarily to a multimillion-dollar promotional budget for a new dog food.

Profits for the period ended Sept. 30 fell to $16.4 million (73 cents a share) compared with $25 million ($1.14) for the same period a year ago, the company said. Sales rose 5 percent to $413.8 million.

Operating income in the domestic grocery products business declined to $15.1 million from $20.4 million for the same period last year.

Phelps Dodge Corp., the copper producer, lost $21.9 million for the first quarter against a profit of $13.1 million 63 cents a share a year ago.

As a result, the dierectors cut the quarterly divident to 15 cents a share from 55 cents payable Dec. 9 to holders of record Nov. 13.

Not income for nine months fell to $7.7 million (31 cents) against $41.6 million ($2.02) a year ago.