Coca-Cola (KO) - Get Report posted better-than-expected second quarter earnings Wednesday, and lifted its full-year profit forecast, as major economies around the world continued with the re-opening of restaurants, sports venues and movie theatres following pandemic-forced shutdowns.
Coca-Cola said adjusted non-GAAP earnings for the three months ending in June were pegged at 68 cents per share, up 62% from the same period last year and 14 cents ahead of the Street consensus forecast.
Group revenues, Coca-Cola said, rose 42% to $10.1 billion, a figure that also topped analysts' estimates of an $9.315 billion tally.
Looking into the second half of the year, Coca-Cola said it sees organic revenue growth of between 12% and 14% and comparable earnings growth of between 13% to 15%, up from a prior forecast of "low double-digit" gains.
“Our results in the second quarter show how our business is rebounding faster than the overall economic recovery, led by our accelerated transformation. As a result, we are encouraged and, despite the asynchronous nature of the recovery, we are raising our full year guidance,” said CEO James Quincey.
“We are executing against our growth plans and our system is aligned," he added. "We are better equipped than ever to win in this growing, vibrant industry and to accelerate value creation for our stakeholders.”
Coca-Cola shares were marked 2.6% higher in early trading immediately following the earnings release to change hands at $57.25 each.
Last week, Coca-Cola's smaller rival, PepsiCo. (PEP) - Get Report, comfortably beat second quarter earnings forecasts with a bottom line of $1.72 per share thanks in part to the re-opening of sports and entertainment venues in the wake of the coronavirus pandemic.
Group revenues, PepsiCo said, rose 20.5.% to $19.22 billion, again topping analysts forecasts of a $17.98 billion tally. Beverages revenues in north America were up 24% from last year, PepsiCo said, while Frito Lay sales were up 7%.