KO Coca Cola Company

By Ngai Yeung

Coca-Cola Co. raised its full-year guidance as shoppers continue to buy beverages despite price increases.

The beverage giant said Wednesday it expects organic revenue this year to increase between 8% and 9% from the prior year, compared with its earlier forecast of growth between 7% to 8%. Organic revenue is a metric that strips out acquisitions, divestitures and currency fluctuations.

The company said that revenue rose 6% to $12 billion in the second quarter, beating analyst expectations of $11.7 billion, according to FactSet.

Coke reported a 10% increase in price/mix, a metric that includes price as well as product mix, packaging and size, as the soda company continued to raise the price of its drinks.

Global case volume was flat from the prior year.

Coke's results come after rival PepsiCo reported earlier this month that its sales were up around 10% in the first quarter as consumers continued to shrug off price increases to spend on snacks.

Net income grew 34% to $2.5 billion, or 59 cents a share. Excluding one-time items, Coke earned 78 cents a share, compared with analysts' forecasts of 72 cents a share.

Shares rose nearly 2% in premarket trading.

Write to Ngai Yeung at Ngai.Yeung@WSJ.com

(END) Dow Jones Newswires

July 26, 2023 08:19 ET (12:19 GMT)

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