Jinxes Will Now Cost More. Coca-Cola Beats on Earnings, Hikes Revenue Estimates on Price Increase
April 30, 2024 - by Ashlee Vogenthaler
The next time you hear “Jinx, buy me a Coke!”, it will now cost you more as the giant beverage retailer The Coca-Cola Company (KO) raised revenue forecasts due to price increases, in its Q1 earnings release today. The company topped estimates as Q1 EPS was cited at $0.72 vs FactSet $0.70 and revenues were $11.3B vs FactSet $11.0B. The company raised guidance for FY24 organic revenue growth and reaffirmed FY24 EPS growth but still expects FX headwinds.
The company’s organic growth beat may not give off as much fizz as the headline suggests due to hyper-inflationary pricing in some markets. However, expectations to end 2024 up with more balanced growth over the rest of the year remain strong.
