Coca Cola shares, which have gained 5% this year, rose about 1% in premarket trading
Coca-Cola Co lifted its full-year revenue forecast on Tuesday, as demand for sugary sodas held up strong despite price increases to blunt the impact of higher costs for key inputs such as corn syrup and aluminum cans.Packaged food makers have so far felt little impact of decades-high inflation, especially in the United States, as people prioritize spending on eating at home rather than at restaurants.
Coca-Cola said global sales volumes rose 8% in the second quarter, powered by growth in both developed and emerging markets, while average selling prices rose about 12%. However, Coca-Cola’s comparable operating margin fell to 30.7% from 31.7%, squeezed by surging commodity and transportation costs. It expects full-year adjusted earnings per share, excluding the impact of a stronger dollar, to rise 14% to 15%, compared to prior estimates of 8% to 10% growth.
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