Coca-Cola Beats and Raises as Volume Grows in Every Segment

Coca-Cola NYSE:KO rose 4.16% premarket after reporting second-quarter net revenue up 7% to $13.4 billion and raising its full-year guidance. Comparable earnings per share grew 11% to $0.97, ahead of the $0.93 analysts expected, and global unit case volume rose 5%. Operating margin reached 34.9% against 34.1% a year earlier, while year-to-date free cash flow stood at $6.9 billion.

Volume grew across every reporting segment. Coca-Cola Zero Sugar rose 16% and Powerade 8%, both helped by a World Cup campaign that ran across more than 180 markets. Asia Pacific volume climbed 8%, but price/mix fell 9% on affordability initiatives. CEO Henrique Braun pointed to "a dynamic consumer landscape."

The company now sees comparable EPS growth of 9% to 10% for the year, up from 8% to 9%, and organic revenue growth of about 5%, the top of its prior range. Free cash flow guidance moved to roughly $12.4 billion from $12.2 billion.