NEW YORK — Coca-Cola raised some of its full-year financial projections on Tuesday as it reported better-than-expected profits, pointing to a lift from premium products that countered weakness in some markets.
The soda giant reported profits of $2.4 billion in the second quarter, down 5 percent from the year-ago period. Revenues rose 3 percent to $12.4 billion.While volumes rose just 2 percent, results were boosted by a 9-percent rise in 'price/mix' reflecting retail price hikes, as well as Coca-Cola 's shifting offering of products that has tilted toward higher-end goods.
The Coca-Cola logo adorns the side of a delivery truck on May 15, 2024 in southeast Denver. Coca-Cola reports earnings on July 23, 2024. AP PHOTOIn North America, 'price/mix' jumped 11 percent, with half of the boost in price and half from products such as Coca-Cola's juice business or the Topo Chico seltzer brand, company officials said.
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