Coca-Cola beat earnings and revenue estimates last quarter as sales grew across regions, and has raised its full year guidance.
Revenue was up 12% year-over-year to US$12.47 billion, above LSEG-compiled estimates of $12.24 billion. Earnings per share increased 18% to $0.86, above estimates of $0.81.
“We’ve had a strong start to the year,” said CEO Henrique Braun. “Our performance this quarter reflects our unwavering focus on staying close to the consumer, executing locally and managing complexity.”
“Yet there’s so much more we can do as we navigate a dynamic environment. Our team is motivated by the opportunity to build on the company’s great foundation.”
Revenue climbed across all regions, with North America leading at 12% growth.
Unit case volume also rose in all regions, and the Asia Pacific saw the largest percentage increase at 5%. Coca-Cola Zero Sugar posted 13% volume growth, the most of any product type, while juice, dairy, and plant-based beverages declined by 1%.
Operating income was up 19% to $4.36 billion. The Asia Pacific was the only region to report a drop in operating income, with the company crediting the 17% decline to higher input costs, marketing investments, and currency tailwinds.
Coca-Cola lifted its full year earnings per share guidance, citing lower effective tax rates. It expects 8-9% growth, up from its previous outlook of 7-8%.
Shares in Coca-Cola (NYSE: KO) closed 3.9% higher at $78.35, but dipped 0.3% after-hours. Its market capitalisation is $337.23 billion.
