Coca-Cola beats expectations, raises guidance

Coca-Cola Co. shares rose 2.6% in Wednesday premarket trading after the beverage giant reported second-quarter earnings that beat expectations and raised its full-year guidance. Net income totaled $2.64 billion, or 61 cents per share, up from $1.78 billion, or 41 cents per share last year. Adjusted EPS of 68 cents beat the FactSet consensus for 56 cents. Revenue of $10.13 billion rose from $7.15 billion last year and was also ahead of the FactSet consensus for $9.31 billion. Coca-Cola’s share of the non-alcoholic ready-to-drink category has surpassed 2019 levels, with global unit case volumes rising 18% during the quarter. “Our results in the second quarter show how our business is rebounding faster than the overall economic recovery, led by our accelerated transformation,” said Chief Executive James Quincey in a statement. For 2021, Coca-Cola now forecasts EPS growth of 12% to 15% from $1.95 in 2020, up from previous guidance of high-single digit to low-double digit growth. The FactSet consensus is for EPS of $2.18, suggesting an 11.9% rise. Coca-Cola stock is up 1.8% for the year to date while the benchmark Dow Jones Industrial Average has gained 12.8% for the period.
See: Coca-Cola Zero Sugar gets a recipe refresh

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.