The company reported an adjusted EPS of 55 cents, ahead of the 50 cents expected. At the same time, the revenue came in at $9.02 billion versus the $8.6 billion forecasted. The results were driven by the monthly improvement in demand, especially in China, where uncertainty caused by COVID-19 has fallen. But in North America and Western Europe, the demand takes longer to recover. However, at a global level, the volume in March returned to 2019 levels.
Coca-Cola CEO James Quincey stated: “We are encouraged by improvements in our business, especially in markets where vaccine availability is increasing, and economies are opening up, and we remain confident in our full-year guidance.” The full-year forecast refers to an organic revenue increase in the high single digits, while the adjusted EPS is seen between high single numbers to low double digits.
In a separate filing, Coca-Cola announced that it is looking to list Coca-Cola Beverages Africa publicly. It will sell a portion of its holdings in an IPO, which is expected to occur in 18 months, with shares listed in Amsterdam and Johannesburg.
Following the news, Coca-Cola stock price went up less than 1%.