First-quarter earnings fizz at Coca-Cola

30th Apr 2024 13:39

(Sharecast News) - The Coca-Cola Company lifted its annual sales forecast on Tuesday, after first-quarter numbers at the US giant topped expectations.

The fizzy drink firm said net revenues rose 3% to $11.3bn in the three months to March end, more than the $11.1bn Wall Street had forecast, boosted by higher prices. While unit case volumes rose just 1%, the overall average selling price rose 13%.

Underlying organic sales, which strip out the impact of acquisitions, divestments and currency fluctuations, sparked 11%.

Comparable earnings per share came in 72 cents, a 3% improvement and ahead of expectations. Net income attributable to the company was $3.2bn, up from $3.1bn a year previously.

As a result, Coca-Cola now expects 2024 organic sales to grow by between 8% and 9%, up from an earlier forecast for 6% to 7% growth.

The annual comparable EPS forecast was maintained at 4% to 5% growth.

James Quincy, chief executive, said: "We're encouraged by our start to 2024, delivering another quarter of volume, topline and earnings growth amid a dynamic backdrop.

"We believe our global system is primed for sustained success, thanks to the right strategies, clear alignment, a powerful portfolio and strong execution."