Coca-Cola reported better-than-expected earnings in the second quarter as higher prices offset weaker sales volumes.
Case volumes fell 1% globally and 1% in North America, but Coke said Tuesday that pricing rose 6% for the April-June period.
Global case volumes of Coca-Cola fell 1%, mostly due to weaker sales in Latin America. One bright spot was Coca-Cola Zero Sugar, which saw volumes grow 14%.
Traditional Coca-Cola still far outsells the zero-sugar variety, but consumer demand for zero-sugar versions is growing much more quickly.
So it was surprising last week when President Donald Trump said in a social media post that Coca-Cola had agreed to use real cane sugar in its flagship product in the U.S. instead of high-fructose corn syrup. Coke has yet to confirm any such change, but promised new offerings soon.
Global case volumes of juice, dairy and plant-based beverages fell 4%, Coke said. Sports drink case volumes were down 3%, as higher demand in North America was offset by declines in Latin America.
Revenue for the Atlanta company rose 1% to $12.5 billion. Adjusted for one-time items, quarterly revenue was $12.6 billion. That was in line with Wall Street’s forecast, according to analysts polled by FactSet.
Net income jumped 58% to $3.8 billion. Its adjusted net income was 87 cents, which was higher than the 83 cents Wall Street forecast.
Coke said Tuesday it now expects full-year adjusted earnings earnings to grow 8%. At the start of the year, Coke had expected earnings to grow 8% to 10%, but in April it lowered that range to 7% to 9%. Coke earned $2.88 per share in 2024.
Shares of Coca-Cola Co. were down slightly early Tuesday as were all major U.S. markets.
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