Beverage giant Coca-Cola (KO) has reported quarterly financial results that beat Wall Street’s expectations on both the top and bottom lines.
The Atlanta, Georgia-based soft drink maker announced earnings per share (EPS) of $0.86 U.S., which was ahead of the $0.81 U.S. consensus forecast of analysts.
Revenue in this year’s first quarter totaled $12.47 billion U.S., which topped the $12.24 billion U.S. that was estimated on Wall Street. Sales were up 12% from a year earlier.
The company’s unit case volume, which excludes pricing to reflect demand more accurately, increased 3% globally during the quarter.
All of Coke’s business segments reported volume growth for the latest quarter, including in North America, where volumes grew 4% year-over-year.
Coca-Cola’s water, sports, coffee and tea segment reported the strongest growth, with volumes rising 5%, fueled by strong demand for its tea and bottled water products.
The soft drinks division reported that volumes increased 2%, fueled by a 13% increase for the Coca-Cola Zero Sugar drink.
The only disappointment in Q1 was Coke’s juice division, which reported a volume decline of 1%.
The latest print was a reversal for Coca-Cola, which has struggled over the past year with weaker demand from budget-conscious consumers.
The strength of Q1 led Coke executives to raise their forward guidance for the full year.
Coke is now projecting earnings per share growth of 8% to 9%, up from its previous forecast of 7% to 8% growth.
Management reiterated previous guidance of 4% to 5% revenue growth for all of this year.
KO stock has risen 5% over the past 12 months to trade at $75.44 U.S. per share.
