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A pedestrian walks past a Coca-Cola delivery truck in Mexico City, Mexico, Wednesday, Jan. 25, 2023.
Jeoffrey Guillemard | Bloomberg | Getty Images
Coca Cola Monday reported quarterly earnings and revenue that beat analysts’ expectations, fueled by price hikes and increased demand for its beverages.
Shares of the company rose 1% in premarket trading.
Here’s what the company reported compared to what Wall Street expected, based on a Refinitiv analyst survey:
- Earnings per share: 68 cents adjusted vs. 64 cents expected
- Revenue: $10.96 billion adjusted vs. $10.8 billion expected
Coke reported first-quarter net income attributable to shareholders of $3.11 billion, or 72 cents per share, compared with $2.78 billion, or 64 cents per share, a year earlier.
Excluding articles, the beverage giant earned 68 cents per share.
Net sales rose 5% to $10.98 billion. Organic revenue, which excludes the impact of acquisitions and divestitures, increased 12% in the quarter.
The company reiterated its earlier guidance for 2023. It expects comparable revenue growth of 3% to 5% and comparable earnings per share growth of 4% to 5% for 2023.