Coca-Cola raises full-year outlook as earnings beat estimates

Coca-Cola on Wednesday raised its full-year outlook after reporting earnings and revenue that topped estimates.

Shares of the company rose 2% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: 78 cents adjusted vs. 72 cents expected
• Revenue: $11.97 billion adjusted vs. $11.75 billion expected

The beverage giant reported second-quarter net income attributable to shareholders of $2.55 billion, or 59 cents per share, up from $1.91 billion, or 44 cents per share, a year earlier.

Excluding items, Coke earned 78 cents per share.

Net sales rose 6% to $11.97 billion. The company’s organic revenue, which strips out the impact of acquisitions and divestitures, increased 11% in the quarter, fueled by higher prices.

For 2023, Coke is now expecting comparable earnings per share growth of 5% to 6%, up from its prior forecast of 4% to 5% growth. The company also hiked its outlook for organic revenue and now predicts an increase of 8% to 9%, up from its previous range of 7% to 8%.