Coca-Cola beverages are offered for sale in Chicago on April 30, 2024.
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Coca-Cola on Tuesday raised its full-year outlook as global demand for its drinks rose in the second quarter.
For 2024, Coke now expects organic revenue growth of 9% to 10%, up from its prior forecast of 8% to 9%. The company also raised its outlook for comparable earnings growth to a range of 5% to 6% from a previous range of 4% to 5%.
Shares of the company rose about 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: 84 cents adjusted versus 81 cents expected
- Revenue: $12.36 billion versus $11.76 billion expected
Coke reported second-quarter net income attributable to shareholders of $2.41 billion, or 56 cents per share, down from $2.55 billion, or 59 cents per share, a year earlier.
Excluding items, the beverage giant earned 84 cents per share.
Net sales rose 3% to $12.36 billion. Organic revenue, which strips out acquisitions, divestitures and foreign currency, climbed 15% in the quarter.
Coke’s unit case volume rose 2% for the quarter, helped by its international markets. The metric strips out the impact of pricing and foreign currency to reflect demand.
But in North America, volume fell 1% for the quarter. Coke’s rival PepsiCo reported earlier this month that the U.S. consumer has weakened, hurting demand for its own drinks and snacks.
Read More: Coca-Cola (KO) Q2 2024 earnings