Coca-Cola Co.’s stock (KO) rose 1.9% premarket Wednesday following the announcement of its impressive second-quarter earnings. The renowned drinks and snacks giant reported a net income of $2.547 billion, or 59 cents a share, marking a significant increase from the $1.905 billion, or 44 cents a share, in the same period last year.
The company’s adjusted per-share earnings reached 78 cents, surpassing the FactSet consensus of 72 cents. Additionally, Coca-Cola saw a 6% increase in revenue, generating $11.972 billion compared to the expected $11.742 billion.
Chief Executive James Quincey expressed confidence in the company’s performance, stating, “The strength of our first half results and the resiliency of our business give us the confidence to raise our 2023 guidance.” Coca-Cola now anticipates full-year organic revenue growth of 8% to 9% and adjusted organic EPS growth of 9% to 11%.
Despite a minor decline of 2% in the year through Tuesday’s close, Coca-Cola Co.’s positive Q2 earnings report showcases its resilience and strong positioning in the market. Meanwhile, the S&P 500 has observed a 19% gain.