With more than 1.9 billion drinks served every day, Coca-Cola (NYSE:KO) is one of the world’s largest beverage companies.
From its humble beginnings selling a single product at a drugstore for five cents a glass, the company has grown to have a roster of 200 brands that includes Coke, Fanta and Sprite.
With U.S. soda consumption on the decline, the soft drink maker has been forced to pivot. Coke recently launched Topo Chico Hard Seltzer, marking its first move into alcoholic beverages on its home turf after a four-decade long hiatus.
The company has also recently invested in the sports performance drink category with BodyArmor and it purchased U.K. coffee maker Costa in 2019.
And while the pandemic has caused major disruptions to its profitable away-from-home beverage business, revenue rose 5% to $9 billion in the first quarter of 2021 from the prior year.
“We were very focused over the last 12 months on really improving our marketing, we cut the portfolio of brands in half, we got really focused on our innovation pipeline, we worked with our bottlers to really support the customers in new and different ways where they’re open,” said Coca-Cola CEO James Quincey.
Coke is eagerly anticipating the summer season and vaccine rollouts.
KO shares decreased 33 cents to $54.00.