Proactive Investors - The Coca-Cola Company (NYSE:KO) has raised its full-year sales forecast after delivering an earnings beat for the first quarter driven by higher prices and growth in emerging markets.
The beverage giant now expects organic revenue growth of 8% to 9%, up from its earlier forecast of a 6% to 7% increase.
It reiterated its annual comparable earnings per share (EPS) forecast of growth of 4% to 5% from $2.69.
This is below the Street’s forecast of EPS growth closer to 7% at $3.01.
This comes as Coca Cola posted comparable EPS of $0.72, above the consensus estimate of $0.69 for Q1.
Revenue grew 3% year-over-year to $11.3 billion, ahead of estimates of $11 billion.
Price/mix was up 13% as unit case sales only grew 1%, reflecting that growth was driven by higher prices.
Unit case sales were flat in developed markets but grew in the low single digits in emerging markets, driven by Brazil, the Philippines and Nigeria.
“We’re encouraged by our start to 2024, delivering another quarter of volume, topline and earnings growth amidst a dynamic backdrop,” CEO James Quincey said in a statement.
“We believe our global system is primed for sustained success, thanks to the right strategies, clear alignment, a powerful portfolio and strong execution.”
Shares of The Coca-Cola Company (NYSE:KO) traded flat at $62 following the release of its earnings report.