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On Tuesday, Coca-Cola reported quarterly revenue and revenue that hit analysts' expectations driven by the sale of its branding water.
Company shares jumped 1.5% in premarket trading.
"Our strategy of transforming as a total beverage company has enabled us to continue winning in a growing and lively industry," said CEO James Quincey in a statement.
Here's what the company reported compared to what Wall Street expected, based on a survey by Refinitiv analyst:
- Earnings per share: 63 cents, adjusted, compared to 61
- Revenue: $ 10, 00 billion against $ 9.99 billion expected
The drink giant reported net financial sales for the second quarter of $ 2.61 billion, or 61 cents per share, up from $ 2.32 billion, or 54 cents per share, a year earlier.
Excluding items, Coke earned 63 cents per share and topped 61 cents per share expected by analysts surveyed by Refinitiv.
Net sales increased by 6% to $ 10.00 billion, narrowing expectations to $ 9.99 billion. Coke increased the outlook for the full year for revenues and now expects an organic revenue increase of 5%.
It repeated its tax forecast for 2019 and said that earnings per share could fall or rise by 1%.
The company attributed its strong development during the quarter to 4% volume and transaction growth in Coke's name brand. Its Zero Sugar line again showed double-digit volume growth worldwide.
During his second quarter, Coke collaborated with Netflix to re-launch New Coke to promote the third season of "Stranger Things" and rolled out Coca-Cola Plus coffee in more markets, as the company expands into various types of caffeinated beverages.
Coke also rolled out its first energy drink under the Coca-Cola brand during the quarter. Coca-Cola Energy uses caffeine from naturally derived sources and is found in 14 countries, including Japan and South Africa. At the end of 2019, the drink giant plans to take it to Mexico, Brazil and another four countries. Coke has not yet shared any plans to sell Coca-Cola Energy in the United States since an arbitration decision in July allowed it to step on energy pressure under the terms of its contract with Monster Beverage.
The company has also launched its first product in line with Costa Coffee as it acquired the British coffee brand for $ 5.1 billion. Preserved coffee drinks contain double images of espresso and will be launched in Poland and China by the end of the year. There are no plans to introduce the finished beverages in the United States
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