Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Coca-Cola raises annual forecasts as demand unaffected by price hikes By: FOX Business October 24, 2023 at 09:51 AM EDT Coca-Cola lifted its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, Atlanta-based company posted on Tuesday. Coca-Cola Co raised its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, with demand for its sodas remaining resilient at a time when consumers are cutting back on non-essential spending.Recent results from rival PepsiCo and consumer products makers in Europe such as Unilever point to steady consumer spending on sodas, snacks and other essential items, with little to no resistance to the multiple prices hikes undertaken to offset the impact of rising costs."We are seeing strong engagement from consumers across our staple of brands, which include Sprite, Fanta ... and Thums Up," Coca-Cola CEO James Quincey said on a post-earnings call on Wednesday.Earlier this month, PepsiCo also raised its annual revenue and profit forecasts for a second time this year after beating second-quarter results.WALL STREET WEEK AHEAD: AMAZON, MICROSOFT, BOEING EARNINGS AND RISING BOND YIELDS"Consumers have shown an unwillingness to trade down to private label cola or beverage brands and have largely accepted the recent price increases," CFRA Research analyst Garrett Nelson said.Coca-Cola's average selling prices rose 10% in the second quarter, while in North America volumes declined 1%, showing little impact to demand with overall unit case volumes remaining flat.MCDONALD'S TO OFFER 'FREE FRIES FRIDAY' PROMO EVERY WEEK UNTIL END OF 2023However, some Wall Street analysts said the focus in the second half of the year would be on whether volumes return to stronger growth."This whole idea of resiliency likely becomes less topical as we get into the back half of the year and pricing begins to come down," Wedbush analyst Gerald Pascarelli said.Coca-Cola now expects organic revenue growth of 8% to 9% for the full year, compared with a prior forecast of an increase of 7% to 8%.COSTCO SHOPPER SAYS HE CRACKED SECRET TO WHOLESALER'S PRICE TAGS AND MYSTERIOUS ASTERISK: 'AN INSANE DEAL'The maker of Sprite and Fanta also forecast full-year core earnings per share to rise between 5% and 6% higher than prior expectations.Coca-Cola's shares were trading marginally lower.GET FOX BUSINESS ON THE GO BY CLICKING HERE Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Coca-Cola raises annual forecasts as demand unaffected by price hikes By: FOX Business October 24, 2023 at 09:51 AM EDT Coca-Cola lifted its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, Atlanta-based company posted on Tuesday. Coca-Cola Co raised its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, with demand for its sodas remaining resilient at a time when consumers are cutting back on non-essential spending.Recent results from rival PepsiCo and consumer products makers in Europe such as Unilever point to steady consumer spending on sodas, snacks and other essential items, with little to no resistance to the multiple prices hikes undertaken to offset the impact of rising costs."We are seeing strong engagement from consumers across our staple of brands, which include Sprite, Fanta ... and Thums Up," Coca-Cola CEO James Quincey said on a post-earnings call on Wednesday.Earlier this month, PepsiCo also raised its annual revenue and profit forecasts for a second time this year after beating second-quarter results.WALL STREET WEEK AHEAD: AMAZON, MICROSOFT, BOEING EARNINGS AND RISING BOND YIELDS"Consumers have shown an unwillingness to trade down to private label cola or beverage brands and have largely accepted the recent price increases," CFRA Research analyst Garrett Nelson said.Coca-Cola's average selling prices rose 10% in the second quarter, while in North America volumes declined 1%, showing little impact to demand with overall unit case volumes remaining flat.MCDONALD'S TO OFFER 'FREE FRIES FRIDAY' PROMO EVERY WEEK UNTIL END OF 2023However, some Wall Street analysts said the focus in the second half of the year would be on whether volumes return to stronger growth."This whole idea of resiliency likely becomes less topical as we get into the back half of the year and pricing begins to come down," Wedbush analyst Gerald Pascarelli said.Coca-Cola now expects organic revenue growth of 8% to 9% for the full year, compared with a prior forecast of an increase of 7% to 8%.COSTCO SHOPPER SAYS HE CRACKED SECRET TO WHOLESALER'S PRICE TAGS AND MYSTERIOUS ASTERISK: 'AN INSANE DEAL'The maker of Sprite and Fanta also forecast full-year core earnings per share to rise between 5% and 6% higher than prior expectations.Coca-Cola's shares were trading marginally lower.GET FOX BUSINESS ON THE GO BY CLICKING HERE