Coca-Cola Co. raised its full-year guidance after second-quarter results show continued momentum and consumer willingness to pay higher prices to quench their thirst with the company’s sugary sodas, fruit juices and sports drinks.
The Atlanta-based company now expects full-year organic revenue growth of 8% to 9%, up from 7% to 8% previously. Adjusted profit is expected to grow 5% to 6% from $2.48 in 2022. Coca-Cola said in April that it expected comparable earnings growth of 4% to 5% for the year, including an estimated headwind from foreign currencies of 3% to 4%.
“We are executing efficiently and effectively on a local level, while maintaining flexibility on a global level.” James Quincey, the company’s chief executive officer, said in a statement.
Second-quarter organic revenue, which excludes the impact of currency shifts and acquisitions, was up 11% in the quarter. Analysts were expecting an increase of 8.6%. Adjusted earnings of 78 cents a share exceeded the Bloomberg analysts’ consensus estimate of 72 cents.
Shares rose 2.3% at 7:10 a.m. New York time.
