Coca-Cola Co. (NYSE: KO) released its second-quarter financial results before the markets opened on Wednesday. The company said that it had $0.61 in earnings per share (EPS) and $8.93 billion in revenue, which compares with consensus estimates from Thomson Reuters that called for $0.60 in EPS and revenue of $8.54 billion. The same period of last year reportedly had EPS of $0.59 on $9.71 billion in revenue.
During the quarter, unit case volume grew 2%. Growth was led by Trademark Coca-Cola, including continued double-digit growth for Coca-Cola Zero Sugar, and also reflects the continued strong performance of Fuze Tea.
One highlight that Coca-Cola mentioned in the quarter was that it was driving an acceleration in the sparkling soft drinks category through investment and innovation, with 5% retail value growth in its sparkling portfolio during the quarter. These efforts, balanced with disciplined growth, have resulted in transaction growth of 4% year to date, outpacing unit case volume growth of 3%.
Looking ahead to the 2018 full year, the company expects to see at least 4% growth in organic revenues and $1.91 in EPS. The consensus estimates call for $2.08 in EPS and $31.59 billion in revenue for the year.
James Quincey, president and CEO, commented:
We’re encouraged with our performance year-to-date as we continue our evolution as a consumer-centric, total beverage company. We have the right strategies in place and remain focused on achieving our full year guidance.
Shares of Coca-Cola closed Tuesday at $45.26, with a consensus analyst price target of $49.83 and a 52-week trading range of $41.45 to $48.62. Following the announcement, the stock was up just less than 1% at $45.53 in early trading indications Wednesday.
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