The Coca-Cola Company (NYSE:KO) reported better-than-expected second quarter results on Tuesday and raised its full-year guidance, sending shares up almost 7% in early trading on Tuesday.
The beverage maker posted adjusted earnings of $0.97 per share for the quarter, ahead of Wall Street estimates of $0.93 per share
Revenue rose 7% year over year to $13.38 billion, topping analysts’ expectations of $13.13 billion. Organic revenue, which excludes the impact of acquisitions, divestitures and currency movements, rose 6%, supported by a 4% increase in concentrate sales and 2% growth in price/mix. Net revenue reached approximately $13.4 billion.
Global unit case volume grew 5%, driven by growth in India, China, the United States and Brazil. Trademark Coca-Cola volume increased 5%, while Coca-Cola Zero Sugar volumes rose 16%. Sparkling soft drink volumes grew 4%, and water, sports, coffee and tea volumes increased 6%.