Coca-Cola tops estimates, raises earnings outlook as global beverage demand rises

Coca-Cola on Tuesday reported quarterly earnings and revenue that topped analysts' expectations, fueled by higher demand for its beverages.

For the full year, Coke is now projecting comparable earnings per share growth of 8% to 9%, up from its prior forecast of 7% to 8%. It reiterated its previous outlook of organic revenue growth of 4% to 5%.

Shares of the company rose 2% in premarket trading.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Coke reported first-quarter net income attributable to shareholders of $3.92 billion, or 91 cents per share, up from $3.33 billion, or 77 cents per share, a year earlier.

Excluding impairment charges and other items, the beverage giant earned 86 cents per share.

The company's adjusted net sales climbed 12% to $12.47 billion. Coke's organic revenue, which strips out acquisitions, divestitures and currency, rose 10% in the quarter.

The company's unit case volume increased 3% globally. The metric excludes pricing to reflect demand more accurately.

In the past few quarters, Coke executives have reported weaker demand from budget-conscious consumers. However, premium brands like Fairlife and Smartwater have stayed strong in the current K-shaped economy, boosted by high-income shoppers who aren't feeling the same pinch as low-income consumers.