Coca-Cola on Tuesday reported quarterly earnings and revenue that exceeded analysts’ expectations as sales volume recovered from the pandemic.
Here’s what the company reported, versus what Wall Street analysts surveyed by Refinitiv were expecting:
- Adjusted earnings per share: 70 cents, versus 67 cents expected
- Revenue: adjusted $11.3 billion versus $10.56 billion expected
To manage higher costs on freight, high fructose corn syrup and aluminum, the maker of brands including Sprite, Dasani and Minute Maid has raised prices for consumers. But CEO James Quincey said in April that the company knows that consumers won’t swallow inflation endlessly.
Before the pandemic, the Atlanta-based beverage giant generated about half of its revenue from away-from-home occasions, like soda purchases at movie theaters or restaurants. If consumers start staying home to cut down on their spending, Coke’s sales could soften.
Earlier in July, rival PepsiCo reported organic sales growth of 13% during its second quarter, fueled largely by higher prices for its snacks and drinks. Pepsi executives said that they expect inflation to worsen in the second half of the year.
Shares of Coke have risen 5% this year, giving it a market value of $269.6 billion. Pepsi stock has fallen 2% over the same time, dropping its market value to $234.1 billion.
