Shares of the beverage giant, The Coca-Cola Company (NYSE: KO) were on an upswing in pre-market trading on Monday after the company announced comparable adjusted earnings of $0.68 per share versus $0.64 in the same period last year and ahead of consensus estimates of $0.65 per share.
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Coca-Cola clocked revenues of $11 billion, up by 5% year-over-year, beating analysts’ estimates of $10.8 billion.
Looking forward, the company reiterated its FY23 outlook and expects its organic revenues to grow in the range of 7% to 8% while adjusted comparable EPS is projected to “include a 3% to 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to a slight headwind from acquisitions, divestitures, and structural changes.”
For the second quarter, KO has projected currency headwinds in the range of 3% to 4% based on exchange rate fluctuations in addition to a 1% headwind ” from acquisitions, divestitures, and structural changes.” The currency headwinds are also likely to impact its comparable adjusted EPS in Q2 between 2% and 3%.
Analysts remain bullish about KO stock with a Strong Buy consensus rating based on 10 Buys and two Holds.
