Coca-Cola tops earnings estimates, hikes revenue outlook on higher prices

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A Coca-Cola building in Zagreb, Croatia, Nov. 8, 2023.
Denis Lovrovic | AFP | Getty Images

Coca-Cola reported its first-quarter earnings before the bell Tuesday.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

  • Earnings per share: 72 cents adjusted, vs. expected 70 cents
  • Revenue: $11.30 billion, vs. expected $11.01 billion

Coke’s rival PepsiCo reported a week ago that volume for its North American beverage business fell 5% in the first quarter. But Wall Street thinks that demand for Coke’s drinks, which include its namesake soda, Fairlife and Topo Chico, will be stronger.

However, a pullback in fast-food spending could weigh on Coke’s sales. Roughly half of the beverage giant’s revenue comes from away-from-home locations, such as sports stadiums, movie theaters and restaurants. Pepsi’s beverage business is more reliant on at-home consumption.

For 2024, Coke is forecasting organic revenue growth of 6% to 7% and a 4% to 5% increase in comparable earnings per share. The company expects foreign exchange rates will weigh on both its earnings and revenue for the full year.

Shares of Coke have fallen 3.5% over the last year, dragging the company’s market value down to $267 billion.

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