Coca-Cola beats first-quarter expectations on strong demand
Sales of water and soft drinks send its shares up 4% before the bell
Coca-Cola beat estimates for quarterly sales and profit on Tuesday, as it sold more water and soft drinks, including its signature soda and Coke Zero, sending its shares up 4% before the bell.
After facing years of declines in soda sales, beverage makers are attracting consumers with flavoured waters, reformulated recipes, new fruity flavours and low-sugar drinks.
Volumes, a key indicator of demand, grew 2% in the first quarter ended March 29, driven by strength in its Asian and European markets.
Organic sales, which exclude the impact of currency swings and acquisitions, rose 6%. Price hikes and stockpiling by its bottlers due to Brexit uncertainty also helped sales.
Revenue rose 5% to $8.02bn, and the company earned 48c per share on an adjusted basis.
Analysts had forecast earnings of 46c per share on revenue of $7.88bn, according to Refinitiv IBES.
Net income attributable to the company rose to $1.68bn, or 39c per share, in the first quarter ended March 29 from $1.37bn, or 32c per share, a year earlier.