Coca-Cola quarterly revenue tops 2019 levels; company raises full-year forecast
- Coca-Cola's second-quarter earnings and revenue beat Wall Street's expectations.
- The company also raised its full-year forecast for adjusted earnings per share and organic revenue growth.
- Coke's revenue surpassed 2019 levels as some markets bounced back from the pandemic.
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Coca-Cola on Wednesday reported second-quarter revenue that surpassed 2019 levels, prompting the company to raise its full-year outlook.
Shares of the company rose nearly 2% in premarket trading.
Here's what the company reported, compared with what Wall Street analysts surveyed by Refinitiv were expecting:
- Earnings per share: 68 cents vs. 56 cents expected
- Revenue: $10.13 billion vs. $9.32 billion expected
Coke reported fiscal second-quarter net income of $2.64 billion, or 61 cents per share, up from $1.78 billion, or 41 cents per share, a year earlier.
Excluding items, the company earned 68 cents per share, beating the 56 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 42% to $10.13 billion, topping expectations of $9.32 billion.
For the full year, Coke now expects to deliver organic revenue growth of 12% to 14%, up from its prior outlook of high-single digit growth. The company also raised its forecast for adjusted earnings per share growth to 13% to 15%, up from the prior range of high single digits to low double digits.
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