Coca-Cola raises FY guidance following rebound in demand

Soft drinks maker Coca-Cola raised its full-year revenue guidance on Wednesday amid a rebound in demand thanks to a reopening US economy.

Coca-Cola said organic revenue grew 37% in the three months ended 2 July, ahead of analysts' expectations for 29.3% growth, while earnings of $0.68 per share also topped expectations for a print of $0.56 each.

Chief executive James Quincey said: "Our results in the second quarter show how our business is rebounding faster than the overall economic recovery."

The Atlanta-based company cited a rebound in "away-from-home channels" as Covid-19 restrictions eased across the US for sending sales above levels seen in 2019.

As a result of the solid performance, Coca-Cola raised its full-year organic sales growth forecast to 12-14%, up from its previous expectation for high single digits growth.

As of 1330 BST, Coca-Cola shares were up 1.77% in pre-market trading at $56.82 each.