Coca-Cola shares rose Wednesday after the company’s top and bottom lines beat analysts’ expectations, including those at Barclays.
The soft drink giant posted quarterly revenue of $12 billion for the three months ended June 30, up 6% year-over-year, and earnings of $0.78 per share. The latter topped the consensus estimate of $0.72 and Barclays’ slightly higher projection of $0.74
Coca-Cola shares rose 1% Wednesday to $62.88. Barclays, for its part, maintained its 'Overweight' rating and $69 price target.
“Focusing on the fundamentals, organic sales were plus 11% on continued strong price/mix and with positive concentrate sales,” Barclays analysts wrote in a note to clients.
“As was the case in 1Q, profitability was also better than anticipated.”
Barclays also noted Coca-Cola’s updated guidance. The company 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 is 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.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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