09:21 AM EDT, 07/23/2024 (MT Newswires) -- Coca-Cola (KO) raised its full-year outlook on Tuesday as the beverage giant reported stronger-than-expected fiscal second-quarter earnings, buoyed by volume and pricing gains.

The company now anticipates adjusted earnings per share to grow 5% to 6% for fiscal 2024, up from its previous guidance for an increase of 4% to 5%. On a currency-neutral basis, comparable EPS growth is pegged at 13% to 15% versus prior projections for an 11% to 13% rise. The consensus on Capital IQ is for normalized EPS of $2.84 in the ongoing year.

Organic revenue is set to advance between 9% and 10% for fiscal 2024, compared with the previous growth forecast of 8% to 9%. The Street is looking for $45.73 billion.

"We are encouraged with our second-quarter results, which delivered solid topline and operating income growth in an ever-changing landscape," Chief Executive James Quincey said in a statement. "We continue to execute our highly effective all-weather strategy, and we are confident in our ability to deliver on our raised 2024 guidance and longer-term objectives."

For the three months through June 28, Coca-Cola's adjusted earnings rose to $0.84 a share from $0.78 the year before, ahead of the Street's view for $0.81. Non-GAAP revenue advanced to $12.31 billion from $11.97 billion last year, topping analysts' view for $11.75 billion.

The company said it saw a 9% rise in consolidated price and mix, with roughly five points driven by pricing in markets experiencing "intense inflation." Concentrate sales, which reflect the quantity of concentrates, syrups, beverage bases, source waters and powders and minerals sold by the company, increased 6%.

Consolidated unit case volume grew 2% in the quarter, driven by growth in developing and emerging markets. Volume in North America fell 1% while Europe, the Middle East and Africa was flat. Asia Pacific volumes climbed 3% while Latin America rose 5%. Volume was flat for the water, sports, coffee and tea division and recorded gains in the sparkling soft drinks and juice, value-added dairy and plant-based beverages segments.

For the ongoing three-month period, Coca-Cola expects currency headwinds of about 8% and 4% for comparable EPS and revenue, respectively.

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