Coca-Cola reported its quarterly earnings and revenue that topped Wall Street's estimates.
For the full year, Coke is now projecting comparable earnings per share growth of 9% to 10%, up from its prior forecast of 8% to 9%.
Here's what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
Despite economic uncertainty and volatility, the beverage giant has so far this year reported strong demand, thanks to high-income shoppers who are willing to pay more for premium products. Rival PepsiCo hasn't had the same luck; the Gatorade owner reported earlier this month that its North American beverage volume fell 4% in the second quarter.
On July 17, the company disclosed a ransomware attack that targeted Fairlife, its billion-dollar dairy brand known for its high-protein products. Coke temporarily suspended production, but the company said on Monday that it had resumed the majority of operations. The stoppage is not expected to have a material impact on Coke's financial conditions or operations, according to the company.
Shares of Coke have climbed more than 19% this year, outstripping the S&P 500's gains of 8%. Coke has a market cap of nearly $360 billion.
