: Coca-Cola’s stock up 1.9% premarket after company tops Q2 earnings estimates and raises guidance

Coca-Cola Co.’s stock KO rose 1.9% premarket Wednesday, after the drinks and snacks giant beat second-quarter earnings estimates and raised its guidance. The company had net income of $2.547 billion, or 59 cents a share, in the quarter, up from $1.905 billion, or 44 cents a share, in the year-earlier period. Adjusted per-share earnings came to 78 cents, ahead of the 72 cent FactSet consensus. Revenue rose 6% to $11.972 billion from $11.325 billion, also ahead of the $11.742 billion FactSet consensus. “The strength of our first half results and the resiliency of our business give us the confidence to raise our 2023 guidance,” Chief Executive James Quincey said in a statement. The company is now expecting full-year organic revenue growth of 8% to 9%. It expects adjusted organic EPS growth of 9% to 11%. The stock has fallen 2% in the year through Tuesday’s close, while the S&P 500 SPX has gained 19%.

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