The American soda giant Coca-Cola published increased results in the first quarter, better than expectations. He subsequently raised some of his forecasts for 2024, according to a press release published Tuesday.
From January to the end of March, the turnover of the behemoth increased by 3%, to reach 11.3 billion dollars, more than expected by a consensus of analysts. Excluding currency effects and exceptional items, turnover even jumped 11%, boosted by price increases and dynamic growth in regions such as Latin America.
The soft drinks giant’s net profit also reached $3.18 billion, an increase of 2% year-on-year. This is also more than expected by the market. Reported per share and excluding exceptional items – a benchmark for the markets – the latter stood at 72 cents (+7% over one year), a little above expectations.
“We are encouraged by our start to 2024,” said Coca-Cola CEO James Quincey, quoted in the press release. The group took the opportunity to raise part of its forecasts for the year. It now expects organic growth of between 8 and 9% (compared to 6 to 7% previously announced), and anticipates earnings per share excluding exceptional items increasing by 11 to 13% (compared to 8 to 10% expected).
In detail, sales were boosted by the rise in prices in an inflationary context (+13%), for volumes up 1% over the period. By region, in North America, sales volume stagnated. Juices, vegetable drinks, milk drinks and Coca-Cola saw their sales increase, but teas, coffees, energy drinks and water declined. Nevertheless, the price increases made it possible to record turnover growth of 7%.
Latin America was particularly dynamic, with volumes up 4%, for total revenue growth of 10%. Conversely, Asia Pacific saw sales volumes fall by 2%, due to a decline in China. But the price increases made it possible to record a turnover increase of 7% for the region.
In Europe-Middle East Africa, volumes increased by 2%, boosted by sales of water, coffee and tea in particular. Overall, however, strong price increases were unable to offset the negative impact of exchange rates, and the region saw revenues fall by 3%. In electronic trading before the opening of the New York Stock Exchange, Coca-Cola shares were stable at $62, around 2:15 p.m.
This article was automatically published. Sources: ats / awp / afp
