Coca-Cola beats estimates for quarterly sales
The Coca-Cola Company’s quarterly sales estimate beats profit on Tuesday, as it sold more water and soft drinks, including its signature soda and Coke Zero, sending its shares up 4 percent before the bell.
After facing years of declines in soda sales, beverage makers are attracting consumers with flavored waters, reformulated recipes, new fruity flavors and low-sugar drinks.
Volumes, a key indicator of demand, grew 2 percent in the first quarter ended March 29, driven by strength in its Asian and European markets.
Organic sales, which exclude the impact of currency swings and acquisitions, rose 6 percent. Price hikes and stockpiling by its bottlers due to Brexit uncertainty also helped sales.
Revenue rose 5 percent to $8.02 billion, and the company earned 48 cents per share on an adjusted basis.
Analysts had forecast earnings of 46 cents per share on revenue of $7.88 billion, according to Refinitiv IBES.
Net income attributable to the company rose to $1.68 billion, or 39 cents per share, in the first quarter ended March 29 from $1.37 billion, or 32 cents per share, a year earlier.
Yetunde Adegoke (Reuters)