Coca-Cola Co (NYSE:KO) stock fell 0.54% (As on July 27, 11:35:27 AM UTC-4, Source: Google Finance) after the company raised its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, with demand for its sodas remaining resilient at a time when consumers are cutting back on non-essential spending. Coca-Cola’s average selling prices rose 10% in the second quarter, while in North America volumes declined 1%, showing little impact to demand with overall unit case volumes remaining flat. However, some Wall Street analysts said the focus in the second half of the year would be on whether volumes return to stronger growth. Net income grew 34% to $2.5 billion. Cash flow from operations was $4.6 billion year-to-date, an increase of $83 million versus the prior year, driven by strong business performance and working capital initiatives, partially offset by the transition tax payment made during the second quarter. Free cash flow (non-GAAP) was $4.0 billion year-to-date, a decline of $45 million versus the prior year. The company has gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.

KO in the second quarter of FY 23 has reported the adjusted earnings per share of 78 cents, beating the analysts’ estimates for the adjusted earnings per share of 72 cents. The company had reported the adjusted revenue growth of 6 percent to $12 billion in the second quarter of FY 23, beating the analysts’ estimates for revenue of $11.7 billion, according to FactSet. Operating margin was 20.1% versus 20.7% in the prior year, while comparable operating margin (non-GAAP) was 31.6% versus 30.7% in the prior year. Operating margin decline was primarily driven by items impacting comparability and currency headwinds. Comparable operating margin (non-GAAP) expansion was primarily driven by strong topline growth and the impact of refranchising bottling operations, partially offset by an increase in marketing investments and higher operating costs versus the prior year, as well as currency headwinds

Coca-Cola Co raised its annual revenue and profit forecast on Wednesday, betting on higher pricing and resilient demand for its sodas, especially its namesake drink and Sprite. Coca-Cola now expects organic revenue growth of 8% to 9% for the full year, compared with a prior forecast of an increase of 7% to 8%. The maker of Sprite and Fanta also forecast full-year core earnings per share to rise between 5% and 6% higher than prior expectations.