Coca-Cola’s Revenue Surged 42% In Q2 As Economies Reopened - InvestingChannel

Coca-Cola’s Revenue Surged 42% In Q2 As Economies Reopened

Beverage giant Coca-Cola’s (NYSE:KO) sales rebounded strongly in the second quarter as the pandemic retreated and economies reopened around the world.

The Atlanta-based company said its revenues jumped 42% to $10.1 billion in the April-June period. That was well ahead of the $9.3 billion in sales that Wall Street had forecast.

Case volumes grew 18% to a level that was even with 2019. Coke said some markets, such as China, Brazil and Nigeria, are already running ahead of 2019 demand, while others, such as India, continue to be under pressure due to the pandemic.

In North America, case volumes rose 17% as restaurants, movie theatres, stadiums and other venues reopened. Coke has historically booked half of its revenue from such businesses.

Demand for Powerade and other sports drinks was also strong in the second quarter, with case volumes up 35% from the same period last year.

Coke’s net income surged 48% to $2.6 billion U.S. The company earned $0.68 U.S. per share. Analysts had forecast earnings of $0.56.

The company raised its full-year earnings forecast based on its results. It now expects organic revenue growth of 12% to 14% in 2021, up from high single-digit growth, and earnings per share growth of 13% to 15%.

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