In this articleKOFollow your favorite stocksCREATE FREE ACCOUNTA Coca-Cola building in Zagreb, Croatia, Nov. 8, 2023.Denis Lovrovic | AFP | Getty ImagesCoca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations.The beverage giant also raised its full-year outlook for organic revenue.Shares of the company fell less than 1% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: 72 cents adjusted vs. 70 cents expectedRevenue: $11.30 billion vs. $11.01 billion expectedCoke reported first-quarter net income attributable to the company of $3.18 billion, or 74 cents per share, up from $3.11 billion, or 72 cents per share, a year earlier.Excluding items, the beverage giant earned 72 cents per share.Net sales rose 3% to $11.30 billion. Organic sales, which strips out the impact of acquisitions, divestitures and foreign exchange, climbed 11% in the quarter.Coke reported that its global unit case volume increased 1%, but its North American volume was flat for the quarter. The metric excludes pricing and foreign currency.Coke’s sparkling soft drinks division, which includes its namesake soda, reported volume growth of 2%.The company’s juice, dairy and plant-based drinks segment saw volume grow 2% in the quarter, fueled by demand in North America.Only Coke’s water, sports, coffee and tea division reported declining volume. The segment’s volume fell 2% in the quarter as bottled water, sports drinks and coffee all saw demand weaken.Coke’s overall prices were up 13% compared with the year-ago period, but about half of that came from hyperinflation in certain markets, like Argentina.For the full year, Coke is now expecting organic revenue growth of 8% to 9%, up from its prior range of 6% to 7%. The company said it anticipates price hikes in certain markets experiencing “intense inflation,” leading in part to its new outlook.Coke reiterated its outlook for full-year comparable earnings growth of 4% to 5%.In the second quarter, the company expects that its comparable revenue will include a 6% currency headwind and a 5% to 6% hit from acquisitions, divestitures and structural changes. Currency fluctuations are also expected to pose a 8% to 9% headwind to its comparable earnings per share. …
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[mwai_chat context=”Let’s have a discussion about this article:nnIn this articleKOFollow your favorite stocksCREATE FREE ACCOUNTA Coca-Cola building in Zagreb, Croatia, Nov. 8, 2023.Denis Lovrovic | AFP | Getty ImagesCoca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations.The beverage giant also raised its full-year outlook for organic revenue.Shares of the company fell less than 1% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: 72 cents adjusted vs. 70 cents expectedRevenue: $11.30 billion vs. $11.01 billion expectedCoke reported first-quarter net income attributable to the company of $3.18 billion, or 74 cents per share, up from $3.11 billion, or 72 cents per share, a year earlier.Excluding items, the beverage giant earned 72 cents per share.Net sales rose 3% to $11.30 billion. Organic sales, which strips out the impact of acquisitions, divestitures and foreign exchange, climbed 11% in the quarter.Coke reported that its global unit case volume increased 1%, but its North American volume was flat for the quarter. The metric excludes pricing and foreign currency.Coke’s sparkling soft drinks division, which includes its namesake soda, reported volume growth of 2%.The company’s juice, dairy and plant-based drinks segment saw volume grow 2% in the quarter, fueled by demand in North America.Only Coke’s water, sports, coffee and tea division reported declining volume. The segment’s volume fell 2% in the quarter as bottled water, sports drinks and coffee all saw demand weaken.Coke’s overall prices were up 13% compared with the year-ago period, but about half of that came from hyperinflation in certain markets, like Argentina.For the full year, Coke is now expecting organic revenue growth of 8% to 9%, up from its prior range of 6% to 7%. The company said it anticipates price hikes in certain markets experiencing “intense inflation,” leading in part to its new outlook.Coke reiterated its outlook for full-year comparable earnings growth of 4% to 5%.In the second quarter, the company expects that its comparable revenue will include a 6% currency headwind and a 5% to 6% hit from acquisitions, divestitures and structural changes. Currency fluctuations are also expected to pose a 8% to 9% headwind to its comparable earnings per share. …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
