A Coca-Cola building in Zagreb, Croatia, November 8, 2023.
Denis Lovrovic | AFP | getty images
Coca-Cola It reported quarterly earnings and revenue Tuesday that beat analysts’ expectations.
The beverage giant also raised its full-year outlook for organic revenue.
The company’s shares were up less than 1% in premarket trading.
Here’s how the company reported compared to Wall Street’s expectations, based on a survey of LSEG analysts:
- Earnings per share: 72 cents adjusted vs. 70 cents expected
- Revenue: $11.30 billion vs. $11.01 billion expected
Coke reported first-quarter net income of $3.18 billion, or 74 cents a share, compared with $3.11 billion, or 72 cents a share, a year earlier.
Excluding items, the beverage giant earned 72 cents per share.
gross 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 by 1%.
For the full year, Coke is now expecting organic revenue growth of 8% to 9%, up from its previous range of 6% to 7%. The company said it expected price increases in some markets experiencing “rapid inflation” to account for its new outlook.
Coke reiterated its outlook for full-year comparable earnings growth of 4% to 5%.
In the second quarter, the company expects its comparable revenues to include a 6% currency headwind and a 5% to 6% hit from acquisitions, divestitures and structural changes. Currency fluctuations are also expected to hamper its comparable earnings per share by 8% to 9%.