The Coca-Cola Co. amazed investors with a better-than-expected first quarter, but it is still expecting slower growth for the full year.
Without one time items, Coke earned 48 cents per share. Analysts forecast earnings of 46 cents per share.
Earnings grew 5 percent to $2 billion topping analysts’ expectations. Operating revenue improved in all of Coke’s worldwide regions.
In February, Coke triggered its worst sell-off in more than a decade after it forecast slower-than-expected revenue growth because of currency changes and volatility. Coke expects revenue growth of 4% this year, and this will be a percentage point slower than in 2018.
Coke was able to control much better pricing, particularly in Europe and Latin America. Additionally, it found 6 percent growth in sales of water and sports drinks. Soft drink sales were up 1 per cent, whilst coffee, tea and juice sales were flat from the prior calendar year.