Beverages giant Coca-Cola Co. (KO) reported Monday that profit for the first quarter increased 12 percent from last year, driven by 5 percent revenue growth. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also maintained its adjusted earnings and organic revenue growth outlook for the full-year 2023.
For the second quarter, net income attributable to shareowners of Coca-Cola increased 12 percent to $3.11 billion or $0.72 per share from $2.78 billion or $0.64 per share in the prior-year quarter. Excluding items, comparable earnings per share were $0.68, compared to last year's $0.64.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
Net operating revenues for the quarter increased 5 percent to $10.98 billion from $10.49 billion in the same quarter last year, driven by an 11 percent growth in price/mix and 1 percent growth in concentrate sales. Organic revenues also grew 12 percent in the quarter. The Street expected revenues of $10.80 billion for the quarter.
Global unit case volume grew 3 percent, driven by continued investments in the marketplace and strength in away-from-home channels. Developed markets grew mid-single digits, while developing and emerging markets grew low-single digits.
Growth in developed markets was led by Mexico, Western Europe and Australia, while growth in developing and emerging markets was led by China, India and Brazil, with negative impact from the suspension of business in Russia.
Looking ahead to the second quarter, Coca-Cola projects comparable net revenues on an adjusted basis to be impacted by 3 to 4 percent currency headwind based on the current rates and including the impact of hedged positions, in addition to a 1 percent headwind from acquisitions, divestitures and structural changes. Comparable earnings are expected to include a 2 to 3 percent currency headwind.
For fiscal 2023, the company continues to expect comparable earnings to grow in a range of 4 to 5 percent compared to $2.48 per share in 2022, with a 3 to 4 percent currency headwind. It also still projects organic revenue growth of 7 to 8 percent.
The Street is looking for earnings of $2.60 per share on revenue growth of 4.5 percent to $45.00 billion for the year.
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