Coca-Cola Backs FY24 Comparable EPS View, Lifts Organic Revenue Growth Forecast - Update

(RTTNews) - Beverages giant Coca-Cola Co. (KO), while reporting higher first-quarter results, on Tuesday maintained its outlook for fiscal 2024 comparable earnings growth forecast, but lifted organic revenue growth view.

In pre-market activity on the NYSE, Coca-Cola shares were losing around 0.7 percent to trade at $61.62.

For fiscal 2024, the company continues to expect comparable earnings per share growth of 4 percent to 5 percent from last year's $2.69.

Coca-Cola now expects to deliver comparable currency neutral earnings per share growth of 11 percent to 13 percent. The previous outlook was growth in a range of 8 to 10 percent.

Further, the company now projects organic revenue growth of 8 percent to 9 percent, which consists of operating performance at the high end of the company's long-term growth model and the anticipated pricing impact of a number of markets experiencing intense inflation.

Previously, the firm projected organic revenue growth of 6 to 7 percent, with a 2 to 3 percent currency headwind and 4 to 5 percent headwind from acquisitions, divestitures and structural changes.

In its first quarter, Coca-Cola's earnings increased from last year and beat the Street estimates.

The company's earnings came in at $3.18 billion, or $0.74 per share. This compares with $3.11 billion, or $0.72 per share, in last year's first quarter.

Adjusted earnings were $3.12 billion or $0.72 per share for the period.

Analysts on average had expected the company to earn $0.65 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.9 percent to $11.30 billion from $10.98 billion last year.

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