Coca-Cola raised its annual revenue forecast this Tuesday, after the first quarter results exceeded market expectations supported by demand in several regions of the world.
Coca-Cola’s organic revenue in Europe, the Middle East and Africa increased 15% in the first quarter, while in North America it grew 7%.
The company’s average selling prices increased by 13%, while volumes increased by just 1%.
The soft drinks giant expects organic sales in fiscal 2024 to grow 8% to 9%, compared to its previous forecast of a 6% to 7% increase.
The company’s net revenue increased 2.5% to $11.23 billion in the first quarter, surpassing analysts’ estimates of $11.01 billion, according to data from Lseg.
On an adjusted basis, Coca-Cola had a profit of 0.72 dollars per share compared to the market’s expectation of a positive result equivalent to 0.70 dollars.
Reuters – This publication, including information and data, is the intellectual property of Reuters. Its use or its name is expressly prohibited without prior authorization from Reuters. All rights reserved.
Tags: CocaCola raises annual forecast due global demand higher prices
--
