The Coca-Cola Company (NYSE:KO) has raised its 2023 full-year guidance after a strong second quarter which saw rising demand for its products.
Net revenue rose 6% to $12 billion for the three months to June 30, 2023, supported by higher sales and pricing.
Comparable (adjusted) earnings per share increased by 11% to $0.78, topping the $0.72 consensus forecast of analysts, according to Zacks Investment Research.
“I am encouraged that our all-weather strategy, working together with our bottling partners, has delivered strong second-quarter results,” chairman and CEO James Quincey said in a statement.
“We are executing efficiently and effectively on a local level while maintaining flexibility on a global level. The strength of our first half results and the resiliency of our business give us the confidence to raise our 2023 guidance.”
Coca-Cola said it now expects to deliver organic revenue growth of between 8% and 9% this year, up from its previous forecast of 7% to 8%
Comparable EPS are likely to rise by 5% to 6%, from 4% to 5% previously. In neutral currency terms, comparable EPS is expected to be 9% to 11% higher.
Its shares were up 1% to $62.90 ahead of the market open.
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