The Coca-Cola Company (NYSE:KO) has reported strong first-quarter 2023 financial results, beating market expectations for earnings and sales.
The drinks conglomerate reported 3% growth in global unit case volume and a 5% increase in net revenues in its first quarter. Organic revenues were up 12%, though operating income declined by 1%.
Net revenue amounted to US$11bn versus market predictions of US$10bn and, at 72 cents per share, earnings improved 12% year-on-year and smashed Wall Street forecasts of 68 cents.
Coca-Cola chief executive James Quincey, in written comments, cut a confident tone when discussing the firm's ability to achieve its 2023 objectives, citing a strong strategy, execution, and portfolio.
Nonetheless, Coke’s outlook for the full year 2023 remains unchanged, pitching between 7% and 8% growth in organic revenue and 4% to 5% growth in earnings per share. It said it expects to generate some US$9.5bn of free cash flow – based on US$11.4bn of inflows and around US$1.9bn of capital expenditure.
In New York, Coca-Cola shares are seen around 1.17% or 75 cents higher in early premarket dealing, changing hands at US$64.80 ahead of Monday’s opening bell.