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Coca-Cola reported Tuesday a quarterly profit and quarterly revenue exceeding badysts' expectations, driven by sales of its eponymous soft drink brand.
The company's shares jumped 1.5% in pre-market trading.
"Our strategy to transform ourselves into a total beverage company has allowed us to continue to win in a growing and dynamic industry," said CEO James Quincey in a statement.
Here's what the company reported about what Wall Street was waiting for, according to an badyst poll by Refinitiv:
- Earnings per share: 63 cents adjusted against 61 cents expected
- Turnover: $ 10.00 billion against $ 9.99 billion expected
In the second quarter, the beverage giant announced a net profit of $ 2.61 billion, or 61 cents per share, against $ 2.32 billion or 54 cents a share a year earlier.
Excluding items, Coke gained 63 cents per share, exceeding the 61 cents expected by badysts surveyed by Refinitiv.
Net sales increased by 6% to $ 10.00 billion, slightly exceeding expectations of $ 9.99 billion. The company attributed its strong performance during the quarter to a 4% volume and transaction growth in Coke's eponymous brand. Its Zero Sucre line again recorded double-digit volume growth worldwide.
Coke is also partnering with Netflix to bring back New Coke to promote the third season of "Stranger Things" and roll out Coca-Cola Plus coffee in more markets as the company grows in different markets. types of drinks containing caffeine.
Coke has raised its revenue outlook for the year and is now forecasting organic revenue growth of 5%. He reiterated his earnings forecast for fiscal year 2019, saying earnings per share could fall or rise by 1%.
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