Coca-Cola raised its annual organic sales and profit forecast on Tuesday, signaling strong demand for the beverage giant’s sodas, energy drinks and juices in its U.S. and international markets.
The company’s shares rose nearly 2% in premarket trading.
Coca-Cola has been foraying into newer regions in Asia and Europe to keep its revenue growth intact and launching reformulated versions of its drinks such as Coke Spiced and Georgia Coffee in markets that are quickly turning price-sensitive.
The soda giant expects fiscal 2024 organic sales to grow between 9% and 10%, compared with a previous forecast of 8% to 9% rise.
The company expects fiscal 2024 adjusted profit to increase between 5% and 6%, compared with its previous forecast of a rise of between 4% and 5%.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D’Silva)
