Strong demand, price hikes drive Coca-Cola guidance beat By Investing.com

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Strong demand, price hikes drive Coca-Cola guidance beat

Published Feb 14, 2023 07:53

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Strong demand, price hikes drive Coca-Cola guidance beat

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By Senad Karaahmetovic

Shares of Coca-Cola (NYSE:KO) are moving higher in pre-open Tuesday after the company reported in-line Q4 results and offered better-than-expected guidance.

Coca-Cola reported EPS of $0.45 on revenue of $10.1 billion, which compares to the average analyst estimate for EPS of $0.45 on sales of $10.01B. Net revenues grew 7% while organic revenues (non-GAAP) jumped 15%.

Average selling prices were up 12% in Q4 while unit case volumes fell 1%

"While 2022 brought many challenges, we are proud of our overall results in a dynamic operating environment," said James Quincey, Chairman and CEO of The Coca-Cola Company. "As we begin 2023, we continue to invest in our capabilities and strengthen alignment with our bottling partners to maintain flexibility."

On the guidance front, Coca-Cola said it expects to deliver organic revenue growth of 7-8% and comparable EPS growth of 4-5%, beating the average analyst estimate of 2.96% growth.

"The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold non-GAAP based on the current rates and including the impact of hedged positions," Coca-Cola said in a statement.

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