NEW YORK, July 23 (Xinhua) -- Atlanta-based soft drink giant The Coca-Cola Company on Tuesday raised its annual operating guidelines for 2024, though price hikes hurt its performance in North America.
Coca-Cola expected its full-year adjusted earnings in 2024 to expand 5 percent to 6 percent year on year, higher than the earlier forecast of 4 percent to 5 percent, according to a release by the company.
Meanwhile, Coca-Cola's organic revenues are expected to grow 9 percent to 10 percent in 2024 up from previous estimate of 8 percent to 9 percent.
Coca-Cola posted 84 cents of adjusted earnings per share in the quarter ending on June 28, a rise of 7 percent year on year and higher than market expectation of 81 cents.
The company realized 12.36 billion U.S. dollars of net operating revenues in the second quarter, up 3 percent year on year and higher than market estimate of 11.8 billion U.S. dollars.
"We are encouraged with our second quarter results, which delivered solid topline and operating income growth in an ever-changing landscape," said James Quincey, chairman and CEO of The Coca-Cola Company.
However, the concentrate sales and unit case volume sales in North America dipped 1 percent in the quarter, respectively.
Quincey noted that Coca-Cola had some "softer spots" like soda drinks sold at restaurants and theaters as consumers increasingly seek value in combo meals.
The 11 percent year-on-year increase in Coca-Cola price mix within Q2 in North America was half driven by price hikes in the marketplace and half resulted from rising sales of expensive and premium products like milk and juice brands, according to Quincey.
Quincey added the company still has higher input costs from the agricultural side rather than metal or commodity side and the strategy remains to be passing through cost inflation.
