Coca-Cola (KO) has reported better-than-expected second-quarter earnings and raised its forward guidance for the remainder of this year.
The beverage maker announced earnings per share of $0.78 U.S. versus $0.72 U.S. that was forecast on Wall Street.
Revenue in the quarter totaled $11.97 billion U.S. compared to $11.75 billion U.S. that was expected among analysts who follow the stock.
Coca-Cola also lifted its outlook for the rest of this year, saying it now expects comparable earnings per share growth of 5% to 6%, up from a previous forecast of a 4% to 5% rise.
The company also raised its outlook for its revenue growth, predicting an increase of 8% to 9%, up from a previous range of 7% to 8%.
Coca-Cola said its latest earnings were helped by price increases on its products in response to inflation and higher commodity costs.
The company’s three drink divisions each reported flat growth for the quarter, although Coke Zero Sugar’s sales volume rose 5% due to strong demand in North America.
Coca-Cola’s stock rose 2% in premarket trading on news of the company’s Q2 results. Over the last 12 months, the company’s share price has declined 2% to trade at $62.25 U.S.
