The Coca-Cola Co. posted strong sales in the second quarter due to price increases and rising demand from restaurants and other venues.
The company also raised its revenue expectations Tuesday, saying that it now expects organic revenue growth of between 12% and 13%. That's up from earlier projections of a 7% to 8% increase.
Revenue grew 12% in the April-June period to $11.3 billion, the Atlanta company said. That was well ahead of the $10.56 billion Wall Street forecast, according to analysts polled by FactSet.
Coca-Cola Zero Sugar sales grew 12% in the quarter on strong global demand. Coffee sales rose 15% as Coke placed its Costa coffee brand in new markets.
In North America, case volumes were up 2%. Coke benefited from higher prices as well as stronger sales at venues like movie theaters and stadiums.
Higher operating costs and increased spending on marketing impacted its profits. Coke said its net income fell 28% to $1.9 billion for the quarter. That included losses related to the suspension of its business in Russia due to its invasion of Ukraine.
Excluding one-time items, Coke earned 70 cents per share in the quarter. That was also better than the 67 cent profit that Wall Street had expected.
Shares rose 1%before the opening bell.