) has reported a positive start to 2024, with its first-quarter earnings and revenue surpassing analyst expectations. The beverage giant announced adjusted earnings per share of $0.72, edging out the consensus estimate of $0.70. Revenue for the quarter also exceeded forecasts, coming in at $11.3 billion against the anticipated $11.02 billion.
Chairman and CEO James Quincey expressed confidence in the company's trajectory, stating, "We’re encouraged by our start to 2024, delivering another quarter of volume, topline and earnings growth amidst a dynamic backdrop." The company's strategic marketing initiatives, such as the launch of Coca-Cola Happy Tears Zero Sugar and the Foodmarks by Coca-Cola campaign, have been instrumental in driving volume growth and market share gains.
Looking ahead, Coca-Cola has updated its full-year 2024 guidance, expecting organic revenue growth of 8% to 9%. The company anticipates a 4% to 5% currency headwind on comparable net revenues and a 7% to 8% currency headwind on comparable EPS growth. Despite these challenges, the company projects an 11% to 13% growth in comparable currency neutral EPS and a 4% to 5% growth in comparable EPS against the $2.69 reported in 2023.
Quincey concluded with a forward-looking statement, "We believe our global system is primed for sustained success, thanks to the right strategies, clear alignment, a powerful portfolio, and strong execution."Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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