Coca-Cola (KO) gains after raising full-year sales forecast

Coca-Cola (NYSE: KO) raised the adjusted organic revenue forecast for the full year, sending its shares modestly higher.

KO shares rose 1.8% in pre-market trading.

The company now sees adjusted organic revenue rising between 8% and +9%. The CapEx forecast of $1.9 billion is maintained.

“I am encouraged that our all-weather strategy, working together with our bottling partners, has delivered strong second quarter results,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We are executing efficiently and effectively on a local level, while maintaining flexibility on a global level. The strength of our first half results and the resiliency of our business give us the confidence to raise our 2023 guidance.”

For its second quarter, the company posted a profit per share of 78 cents, higher than the expected profit of 72 cents. Adjusted organic revenue rose 11%, easily ahead of the expected increase of 8.5%.

“[The] company expects to deliver comparable currency neutral EPS non-GAAP growth of 9% to 11% for year and comparable EPS non-GAAP growth of 5% to 6%, versus $2.48 in 2022,” KO said in a press release.

By Senad Karaahmetovic

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