The Coca-Cola Co. (NYSE:KO) announced Q1 results that surpassed expectations. The beverage giant reported Q1 adjusted earnings of $0.72 per share, marking a growth of 7% year-over-year and surpassing analysts’ estimates of $0.70 per share.
The company posted net revenues of $11.3 billion, an increase of 3% year-over-year, beating consensus estimates of $11.01 billion. In the first quarter, unit case volume went up by 1%.
Coca-Cola’s FY24 and Q2 Outlook
Looking forward, KO is expecting price increases in certain markets experiencing “intense inflation” to shape its outlook. The company expects organic revenues to grow in the range of 8% to 9% in FY24, up from its prior range of 6% to 7%. Coca-Cola expects its comparable adjusted earnings to grow in the range of 11% to 13% in FY24.
In the second quarter, its comparable net revenues are likely to include a currency headwind of 6%, based on the current currency exchange rate fluctuations. The growth in adjusted comparable earnings per share in percentage terms in the second quarter is likely to include a currency headwind between 8% and 9%.
What Is the Future Price of KO Stock?
Analysts remain cautiously optimistic about KO stock, with a Moderate Buy consensus rating based on 11 Buys and four Holds. Year-to-date, KO has increased by more than 6%, and the average KO price target of $65.87 implies an upside potential of 6.2% from current levels. These analyst ratings are likely to change following Coca-Cola’s Q1 results today.
![](https://blog.tipranks.com/wp-content/uploads/2024/04/image-1029-1024x346.png)