Market Updates
Coca-Cola Lifted Full-Year Sales and Earnings Growth Outlook
Scott Peters
26 Jul, 2022
New York City
Coca-Cola Company gained 1.8% to $63.33 after the beverage maker said second quarter revenues rose 12% to $11.3 billion and net income dropped 28% to $1.9 billion from $2.6 billion a year ago.
Diluted earnings per share declined to 44 cents from 61 cents a year ago.
The concentrate volume sales increase of 4 percentage points and acquisition related sales increase of 2 percentage points was offset by 6 percentage points decline in sales from the stronger dollar.
The increase in price and volume mix of 12 percentage points drove all of the total sales increase in the quarter.
Unit case volumes across all geographies rose 8% and in the North America rose 2%.
The company guided organic revenues in the full-year to increase between 12% and 13%, an increase from the previous estimate between 7% and 8%.
Coca-Cola guided its adjusted earnings per share based on constant currency to increase to between 14% and 15% from the previous estimate of between 8% and 10%.
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