KO raises full year outlook

Coca-Cola Co.’s second-quarter sales exceeded expectations and the company raised its full-year guidance, as decades-high inflation and higher prices found consumers still willing to pay more.
Chief Executive Officer James Quincey said the results reflected “the actions we’ve taken to execute for growth in the face of challenges in the operating and macroeconomic environment.” The company said it raised prices 12% on average across its products.
Coca-Cola continues to gain market share for its ready-to-drink nonalcoholic beverages. The maker of brands such as Sprite, Fanta and Minute Maid has benefited from consumers returning to much of their pre-pandemic behavior after Covid restrictions were lifted.
Coca-Cola’s chief rival, PepsiCo Inc., said two weeks ago that it also passed on an average product price increase of 12% to consumers during the second quarter, and it increased its full-year organic revenue growth forecast to 10% from 8%.