Coca-Cola has beaten Wall Street estimates for quarterly revenue, fuelled by strong demand for its beverages from the gradual reopening of restaurants and cinema theatres following accelerated vaccine rollouts.
Net revenue rose to $9.02 billion in the first quarter, from $8.60 billion a year earlier, above analysts' average estimate of $8.63 billion, according to IBES data from Refinitiv.
A reopening of economies and parts of the United States relaxing social distancing protocols since December provided much-needed relief for Coca-Cola, which struggled for most of last year during the pandemic-caused lockdowns.
Organic sales, which strip out acquisition and currency impacts, grew 6%.
Net income attributable to the company's shareholders fell to $2.25 billion, or 52 cents per share, from $2.78 billion, or 64 cents per share, a year earlier.
The company and Coca-Cola Beverages Africa (CCBA) also announced plans to list CCBA as a publicly traded company.
“We remain focused on emerging stronger and executing against our growth accelerators during the recovery phase. We are pleased with the progress we are making,” said James Quincey, chairman and CEO of The Coca-Cola Company.
“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 cola giant company expects to deliver organic revenue (non-GAAP) percentage growth of high single digits in full-year 2021.
Comparable EPS (non-GAAP) percentage growth includes a 2% to 3% currency tailwind based on the current rates and including the impact of hedged positions, the company added.