Coca-Cola quarterly revenue tops 2019 levels; company raises full-year forecast

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A shopper scans a case of Coca-Cola Co. soft drinks at a store in Orem, Utah, U.S., on Tuesday, Feb. 9, 2021.
George Frey | Bloomberg | Getty Images

Coca-Cola is expected to report its second-quarter results before the bell on Wednesday.

Here’s what Wall Street analysts surveyed by Refinitiv are expecting:

  • Earnings per share: 56 cents expected
  • Revenue: $9.32 billion expected

A year ago, the beverage giant’s earnings fell by a third, and its quarterly revenue had its largest decline in at least three decades. Analysts are more optimistic about its second quarter this year, predicting that both its earnings and revenue will bounce back to pre-pandemic levels.

Last quarter, the company reiterated its full-year forecast of organic revenue growth in the high single digits and adjusted earnings growth in a range of high single digits to low double digits. Since then, however, inflation has accelerated. Earlier in July, PepsiCo executives said that the company is seeing higher prices for ingredients, labor and freight.

The delta Covid variant has also sparked new concerns, even in countries with higher rates of vaccination, like the United States. Before the pandemic, away-from-home occasions like going to the movie theater or restaurants accounted for about half of Coke’s revenue. Those sales have been coming back, but new restrictions could dampen its recovery.

Shares of Coke have risen nearly 2% this year, giving the company a market value just shy of $241 billion.

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