Coca-Cola (KO) has reported quarterly earnings that beat Wall Street forecasts as demand for its soft drinks remains strong.
The Atlanta-based company reported earnings per share of $0.68 U.S. compared to $0.64 U.S. that had been expected by analysts who cover the company.
Coca-Cola’s revenue in this year’s first quarter came in at $10.96 billion U.S. versus $10.80 billion U.S. that was forecast.
The company said that its net sales rose 5% to $10.98 billion U.S. in Q1 from a year ago. Organic revenue, which removes the impact of acquisitions and divestitures, rose 12% in the quarter from a year earlier.
Looking ahead, Coca-Cola reiterated its previous 2023 guidance for revenue growth of 3% to 5% and earnings per share growth of 4% to 5%.
Coca-Cola’s stock was up 1% in premarket trading on news of its Q1 earnings. The company’s share price has declined 3% in the last 12 months to trade at $64.05 U.S.
