Coca-Cola Co (NYSE: KO) is trading slightly up this morning after the beverage giant reported market-beating results for its fiscal first quarter.
Coca-Cola stock up on future guidance
Shares are in the green also because the company reiterated its outlook.
Coca-Cola continues to see up to an 8.0% growth in its organic revenue this year on a 4.0% to 5.0% increase in adjusted per-share earnings. On CNBC’s “Squawk on the Street”, CEO James Quincey said:
We see some disinflation but cogs important to use like sweeteners and juices are still substantially ahead of the prior year. Aggregate demand is there and there’s still a lot of global growth out there.
For the year, Coca-Cola stock is up less than 3.0% only.
Coca-Cola Q1 earnings snapshot
- Earned $3.11 billion versus the year-ago $2.78 billion
- Per-share earnings also climbed from 64 cents to 72 cents
- Adjusted EPS printed at 68 cents as per the press release
- Revenue increased 5.0% year-on-year to $11 billion
- Consensus was 65 cents a share on $10.80 billion revenue
What else was noteworthy?
Coca-Cola attributed the growth in revenue partially to an 11% increase in price and mix. Unit case volume in its recent quarter was up 3.0%. CEO Quincey added:
We had good, balanced growth. Consumer was still resilient in Western Europe and growing even, here in the U.S. We were able to balance out affordability and premiumization and get strong result.
Wall Street currently has a consensus “overweight” rating on Coca-Cola stock.
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