Coca-Cola (NYSE: KO) published positive second quarter earnings Wednesday, prompting it to raise its full-year profit outlook. The company continues to bounce back amid the re-opening of restaurants, sports venues and movie theaters following the covid induced closures. Shares were up over 2% during morning trading.
The beverage manufacturer reported earnings of USD0.68 per share, compared to the expected USD0.56 a share. Revenue totaled USD10.13 Billion, higher than analysts anticipated USD9.32 Billion.
Amid the Covid-19 pandemic, the company experienced its biggest fall in quarterly revenue last year. Nevertheless, according to its CFO John Murphy, Coca-Cola is prepared to weather through a potential impact from the Delta variant of the virus, by focusing on bigger brands and honing in on its supply chain.
Coca-Cola now anticipates revenue growth of 12% to 14%, a rise from its previous high-single digit estimate. Additionally, the company increased its outlook for adjusted earnings per share to 13% to 15%, up from the prior estimate of “low double-digit” gains.
“Putting it all together, we realize there’s a range of possible outcomes when it comes to the pandemic in the second half of the year given the asynchronous recovery,” CEO James Quincey told analysts. “While we over-delivered relative to our expectations in the first half and have raised guidance for 2021, we are biased towards a growth mentality and will invest behind this momentum going into the rest of the year.”