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Coca-Cola on Wednesday reported second-quarter revenue above 2019 levels, prompting the company to raise its outlook for the full year.
The company’s shares rose more than 2% in pre-market trading.
Here’s what the company reported, compared to what Wall Street analysts polled by Refinitiv expected:
- Earnings per share: 68 cents against 56 cents expected
- Returned: $ 10.13 billion against $ 9.32 billion expected
Coke reported net income of $ 2.64 billion, or 61 cents per share, from $ 1.78 billion, or 41 cents per share, a year earlier.
Excluding items, the company gained 68 cents per share, beating the 56 cents per share expected by analysts polled by Refinitiv.
Net sales rose 42% to $ 10.13 billion, beating expectations of $ 9.32 billion. Organic revenue, which excludes the impact of acquisitions, disposals and foreign currencies, was up 37%. The company said out-of-home chains, like restaurants and movie theaters, were rebounding in some markets, like China and Nigeria.
The unit case volume, which excludes the impact of currency and price changes, remained stable from 2019 levels. Coke named India as one of the markets still under pressure due to the health crisis . All of its beverage segments recorded double-digit volume growth for the quarter.
The company’s sparkling soda unit, which includes its namesake soda, saw volume increase 14% in the quarter. The nutrition, juice, dairy and plant-based beverage businesses recorded 25% volume growth, in part due to strong sales of Minute Maid and Fairlife milk in North America. The hydration, sports, coffee and tea segment also saw volume growth of 25%. The company’s Costa cafes in the UK reopened, driving volume growth of 78% for coffee alone.
For the full year, Coke now expects organic revenue growth of 12% to 14%, up from its previous forecast of single-digit growth. The company also raised its forecast for adjusted earnings per share growth from 13% to 15%, up from the previous range of high numbers to low double-digits.
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