Coca-Cola is raising is full-year sales guidance after a stronger-than-expected second quarter.
FILE - The Coca-Cola logo adorns the side of a delivery truck May 15, 2024, in southeast Denver. Coca-Cola reports earnings on Tuesday, July 23, 2024. Coca-Cola is raising its full-year sales guidance after a stronger-than-expected second quarter boosted by continued price increases.
The Atlanta beverage giant said Tuesday it now expects organic sales to grow between 9% and 10% this year, up from 8% to 9% previously.Revenue rose 3% to $12.4 billion for the April-June period. That was higher than Wall Street anticipated. Analysts polled by FactSet were expecting revenue of $11.8 billion.
Coke, which hiked prices 13% in the first quarter, raised them 9% in the April-June period. The company said that was partly due to hyperinflation in some markets, like Argentina. But price increases appear to be hurting demand at home. North American unit case volume sales fell 1% after Coke raised prices 11% in the market. Coke said growing sales of juice, dairy and plant-based drinks were offset by falling demand for water, sports drinks, sparkling sodas and trademark Coca-Cola.Coca-Cola's net income fell 5% to $2.4 billion, or 56 cents per share. Adjusted for one-time items, including currency fluctuations, Coke earned 84 cents per share.
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