Coca-Cola (KO) Q1 2024 earnings

Coca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations.

The beverage giant also raised its full-year outlook for organic revenue.

Shares of the company rose less than 1% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 72 cents adjusted vs. 70 cents expected
• Revenue: $11.30 billion vs. $11.01 billion expected

Coke reported first-quarter net income attributable to the company of $3.18 billion, or 74 cents per share, up from $3.11 billion, or 72 cents per share, a year earlier.

Excluding items, the beverage giant earned 72 cents per share.

Net sales rose 3% to $11.30 billion. Organic sales, which strips out the impact of acquisitions, divestitures and foreign exchange, climbed 11% in the quarter.

Coke reported that its global unit case volume increased 1%.

For the full year, Coke is now expecting organic revenue growth of 8% to 9%, up from its prior range of 6% to 7%. The company said it anticipates price hikes in certain markets experiencing “intense inflation,” leading in part to its new outlook.

Coke reiterated its outlook for full-year comparable earnings growth of 4% to 5%.

In the second quarter, the company expects that its comparable revenue will include a 6% currency headwind and a 5% to 6% hit from acquisitions, divestitures and structural changes. Currency fluctuations are also expected to pose a 8% to 9% headwind to its comparable earnings per share.