Coca-Cola lifted its full-year guidance following a strong Q2, with 3% revenue growth and a 7% rise in adjusted EPS, aided by a new AI-powered messaging service that boosted purchases of recommended products.
Coca-Cola (NYSE:KO) stock moved higher on Tuesday as the soft-drinks and snacks behemoth raised its full-year guidance, after reporting a strong second quarter.
Revenue was up 3% to $12.36 billion, driven by volume growth of some 2% - gains in Latin America and Asia offset a decline in North America.
The firm noted a successful phase of price increases and highlighted sales growth of its concentrate products.
Chief executive James Quincey boasted that Coke had “delivered solid topline and operating income growth in an ever-changing landscape”.
He added: “we continue to execute our highly effective all-weather strategy, and we are confident in our ability to deliver on our raised 2024 guidance and longer-term objectives.”
On a per share basis, earnings (adjusted EBITDA) was up 7% to 84 cents, beating the forecasts of Wall Street analysts which had consensus pitched at 81 cents.
Albeit, net income fell to $2.41 billion from $2.55 billion a year ago.
Adjusted earnings per share rose by 7% to 84 cents, surpassing analyst expectations of 81 cents.
It wouldn’t be a financial report in 2024 without an AI angle, and today the soft drinks and snacks company told its investors that it is leveraging technology to enhance sales - testing an AI service to send personalized messages to retailers, resulting in a 30% increase in purchases of recommended products.
