Coca-Cola (KO) has delivered second-quarter financial results that beat Wall Street forecasts across the board and raised its full-year guidance.
The soft drink maker reported earnings per share (EPS) of $0.84 U.S. compared to $0.81 U.S. that was expected on Wall Street.
Revenue in the quarter totaled $12.36 billion U.S. versus $11.76 billion U.S. that was the consensus expectation of analysts who cover the company. Sales were up 3% from a year ago.
Atlanta, Georgia-based Coca-Cola attributed the strong results to rising global demand for its beverages that also include Minute Maid orange juice and the Powerade sports drink.
The company said that its unit case volume rose 2% for the quarter due largely to international sales. The metric reflects overall demand for Coke’s products.
Within North America, volumes fell 1% during Q2 as consumer demand weakens under high inflation and interest rates used to lower it.
Looking ahead, Coca-Cola now expects revenue growth of 9% to 10% for all of this year, up from a previous forecast of 8% to 9% growth.
Earnings at the company are forecast to grow 5% to 6% in 2024 compared to 4% to 5% growth that was previously forecast.
The stock of Coca-Cola has gained 4% over the last 12 months and is currently trading at $64.77 U.S. per share, near a 52-week high.
