Coca-Cola Lifts FY24 Earnings, Revenue Growth View As Q2 Adj. EPS Beats Market

(RTTNews) - Beverages giant Coca-Cola Co. (KO) on Tuesday lifted its fiscal 2024 growth forecast for comparable earnings and organic revenue. This was after reporting weak earnings in its second quarter, while comparable earnings beat market.

In pre-market activity on the NYSE, Coca-Cola shares were gaining around 1.5 percent to trade at $65.74.

For fiscal 2024, the company now expects comparable earnings per share growth of 5 percent to 6 percent from last year's $2.69, while previous estimate was a growth of 4 percent to 5 percent.

Coca-Cola now expects to deliver comparable currency neutral earnings per share growth of 13 percent to 15 percent. The previous outlook was growth in a range of 11 percent to 13 percent.

Further, the company now projects organic revenue growth of 9 percent to 10 percent, higher than previously expected 8 percent to 9 percent. The revised outlook consists of operating performance at the high end of the company's long-term growth model and the anticipated pricing impact of a number of markets experiencing intense inflation.

Analysts on average expect the company to report earnings of $2.82 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

James Quincey, Chairman and CEO, said, "We are encouraged with our second quarter results, which delivered solid topline and operating income growth in an ever-changing landscape. Together with our bottling partners, we continue to execute our highly effective all-weather strategy, and we are confident in our ability to deliver on our raised 2024 guidance and longer-term objectives."

In its second quarter, Coca-Cola's earnings totaled $2.41 billion or $0.56 per share, compared to $2.55 billion or $0.59 per share last year. Comparable earnings were $3.62 billion or $0.84 per share for the period.

Analysts had expected the company to earn $0.81 per share.

The company's revenue for the quarter rose 3.3 percent to $12.36 billion from $11.97 billion last year. Organic revenues grew 15 percent.

The Street was looking for revenues of $11.76 billion for the quarter.

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