Coca-Cola reported better-than-expected earnings in the second quarter as higher prices offset weaker sales volumes.
Case volumes fell 1% globally and 1% in North America, but Coke said Tuesday that pricing rose 6% for the April-June period.
Global case volumes of Coca-Cola fell 1%, mostly due to weaker sales in Latin America. One bright spot was Coca-Cola Zero Sugar, which saw volumes grow 14%.
Traditional Coca-Cola still far outsells the zero-sugar variety, but consumer demand for zero-sugar versions is growing much more quickly.
So it was surprising last week when President Donald Trump said in a social media post that Coca-Cola had agreed to use real cane sugar in its flagship product in the U.S. instead of high-fructose corn syrup. Coke has yet to confirm any such change, but promised new offerings soon.
Global case volumes of juice, dairy and plant-based beverages fell 4%, Coke said. Sports drink case volumes were down 3%, as higher demand in North America was offset by declines in Latin America.
Revenue for the Atlanta company rose 1% to $12.5 billion. Adjusted for one-time items, quarterly revenue was $12.6 billion. That was in line with Wall Street’s forecast, according to analysts polled by FactSet.
Net income jumped 58% to $3.8 billion. Its adjusted net income was 87 cents, which was higher than the 83 cents Wall Street forecast.
Coke said Tuesday it now expects full-year adjusted earnings earnings to grow 8%. At the start of the year, Coke had expected earnings to grow 8% to 10%, but in April it lowered that range to 7% to 9%. Coke earned $2.88 per share in 2024.
Durbin is an Associated Press business writer focusing on the food and beverage industry. She has also covered the auto industry and state and national politics in her nearly 30-year career with the AP.