Strong Soda Demand Help Coca-Cola Raise Annual Revenue Forecast

Coca-Cola Co has lifted its full-year revenue forecast.

Coca-Cola was propped by strong demand for sugary sodas that held up price increases.

The strong demand helped Coca-Cola blunt the impact of higher costs for key inputs such as corn syrup and aluminum cans.

The blue-chip stock, which has gained 5% this year, rose about 1% in premarket trading.

Coca-Cola said global sales volumes rose 8% in the second quarter, geared by growth in both developed and emerging markets, while average selling prices rose about 12%.

Net revenue rose 12% to $11.3 billion in the quarter ended July 1. Analysts on average had expected revenue of $10.55 billion.

The company forecast organic revenue to rise 12% to 13% in 2022, compared to prior expectation of 7% to 8% increase.

It expects full-year adjusted earnings per share, excluding the impact of a stronger dollar, to rise 14% to 15%, compared to prior estimates of 8% to 10% growth.