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Coke Turns In Strong 2nd Q Financials, Paints Rosier Growth Picture

July 23, 2019: 12:00 AM EST
Coca-Cola reported healthy second-quarter 2019 results, as earnings and sales beat Wall Street estimates. Shares were up five percent in morning trading after the company raised its revenue forecast; Coke now expects organic revenue growth of five percent rather than four percent. Second-quarter earnings of 63 cents a share beat the Zacks consensus of 62 cents. The bottom line also improved four percent from the year-ago period, driven by a focus on consumer-centric innovation, solid core brand performance, and improved execution in the marketplace. Currency translations negatively impacted earnings by nine percent. Revenues of $9.997 billion also surpassed consensus estimates and increased six percent year over year. Organic revenues grew six percent. The company raised its revenue forecast, after noting that concerns about economic uncertainty had faded. “We saw some clouds on the horizon, too,” CEO James Quincey said. “But the storm never arrived, so by sticking to our plan, by executing against our strategy, we’ve been able to deliver stronger momentum than even we were expecting.”[Image Credit: © THE COCA-COLA COMPANY]
Amelia Lucas, "Coca-Cola CEO: ‘The storm never arrived’ as beverage giant raises revenue forecast", CNBC, July 23, 2019, © CNBC LLC
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