Coca-Cola Co. saw higher-than-expected sales in the second quarter as the impact of the pandemic abated
By DEE-ANN DURBIN AP Business Writer
July 21, 2021, 11:27 AM
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Coca-Cola Co.'s sales rebounded faster than expected as the impact of the pandemic abated.
The Atlanta-based soft drink giant said its revenue jumped 42% to $10.1 billion in the April-June period. That was well ahead of the $9.3 billion in sales that Wall Street had forecast, according to analysts polled by FactSet.
Case volumes grew 18% to a level that was even with 2019. Coke said some markets, like China, Brazil and Nigeria, are already running ahead of 2019 demand, while others, like India, continue to be under pressure due to the pandemic.
In North America, case volumes rose 17% as restaurants, movie theaters, stadiums and other venues reopened. Coke has historically booked half its revenue from such businesses, which were crushed by the pandemic.
Demand for Powerade and other sports drinks was particularly strong, with case volumes up 35% from the same period last year.
Coke’s net income surged 48% to $2.6 billion. Adjusted for one-time items, the company earned 68 cents per share. Analysts had forecast earnings of 56 cents.
The company raised its full-year earnings forecast based on its results. It now expects organic revenue growth of 12% to 14% in 2021 —— up from high single-digit growth —— and earnings per share growth of 13% to 15%