Coca-Cola’s (KO) first-quarter earnings handily beat Wall Street expectations as the soft drink
company rebounded with the easing of COVID-19 restrictions around the world.
Increased demand for the company’s beverages contributed to an 18% jump in revenue growth.
That was nearly double the average of analyst estimates compiled by Refinitiv data.
The Atlanta-based maker of brands such as Coke, Sprite and Fanta reported revenue of $10.5
billion U.S., beating the $9.84 billion U.S. expected by analysts who cover the company.
Price increases helped drive the strong quarterly performance, along with a recovery in the
fountain business and away-from-home dining. Coca-Cola said it gained market share in non-
alcoholic ready-to-drink beverages, both at home and in away-from-home settings.
Earnings per share (EPS) in the first quarter amounted to $0.64 U.S. compared with a $0.58
U.S. average estimate. That extends a string of better-than-expected earnings for Coca-Cola
dating back to 2019, before the global pandemic.
Despite the strong results, Coca-Cola maintained its full-year revenue growth outlook of 7% to
8%. There was also no change to the company’s earnings per share forecast for the year.
Shares of Coca-Cola are up 11% year to date at $65.94 U.S. a share. Over the past 12 months,
the stock has gained 23%.
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