Monday, 26 August 2019 04:12 GMT
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Coke Beats on Earnings in Latest Quarter




(MENAFN - Baystreet.ca) Coca-Cola (NYSE:KO) on Tuesday reported quarterly earnings and revenue that beat analysts' expectations, driven by sales of its namesake soda brand.

Earnings per share came in at 63 cents, adjusted, versus the expected 61 cents.

The beverage giant reported fiscal second-quarter net income of $2.61 billion, or 61 cents per share, up from $2.32 billion, or 54 cents per share, a year earlier.

Net sales rose 6% to $10.00 billion, narrowly beating expectations of $9.99 billion. Coke raised its full-year outlook for revenue and now expects organic revenue growth of 5%.

It reiterated its fiscal 2019 earnings forecast, saying that earnings per share could fall or rise by 1%.

The company attributed its strong performance during the quarter to 4% volume and transaction growth in Coke's namesake brand. Its Zero
Sugar line once again saw double-digit volume growth across the globe.

During its second quarter, Coke rolled out its first energy drink under the Coca-Cola brand during the quarter. Coca-Cola Energy uses caffeine from naturally derived sources and is available in 14 countries, including Japan and South Africa.

By the end of 2019, the beverage giant plans to bring it to Mexico, Brazil and four more countries. Coke has not shared any plans yet to sell Coca-Cola Energy in the U.S. since an arbitrator ruled in July that it can peddle the energy drink under the terms of its contract with Monster Beverage.

Shares galloped $2.63, or 5.1% to $53.85


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Coke Beats on Earnings in Latest Quarter

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