Shares of Coca-Cola Co. rallied to an eight-month high before pulling back Monday, after the beverage giant beat earnings expectations for a 14th straight quarter as pricing jumped 11% and unit-case volume returned to growth.
While Chief Executive Officer James Quincey said on the post-earnings conference call with analysts that there was a “fair amount of uncertainty” about the operating environment ahead, the strong start to the year provided confidence in the company’s ability to achieve its full-year guidance. Excluding nonrecurring items, adjusted earnings per share rose to 68 cents from 64 cents, to beat the average analyst estimate compiled by FactSet of 65 cents.
Quincey said the outlook for the consumer was a “mixed bag” in North America, as low unemployment, falling gas prices and stable consumer savings act as a tailwind but inflation and higher mortgage rates weigh on sentiment.
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Coca-Cola earnings beat estimates, fueled by price hikes and higher demandCoke's stock has risen less than 1% in 2023, and the company has a market value of $277 billion.
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