US- Atlanta-based multinational soft beverage company, Coca-Cola Company is upbeat about its 2021 full year results following an impressive Q2 where sales from away-from-home consumption rebounded resulting in double digit growth in revenues.
According to a statement from the company, net revenues for the quarter amounted to US$10.1 billion, a 42% jump when compared to the same period last year.
The company’s organic revenues went up 37% while operating income rose by 52%. Coca-Cola also recorded a 26% growth in concentrate sales and 11% price/mix growth.
Global unit case volume benefitted from the recovery and increased 18% but was still partially offset by the impact of a resurgence of Covid-19 in some markets.
Sparkling soft drinks posted 14% growth in the quarter with a strong performance in the US, India, and Brazil – sparkling flavours went up by 19% driven by both Sprite and Fanta, while the company’s trademark Coca-Cola drink rose by 12%.
Coca-Cola’s coffee category increased significantly by 78% due to the reopening of Costa retails stores in the UK while the company’s tea business witnessed a modest growth at 19% led by the US, Japan, and Brazil markets.
“Our results in the second quarter show how our business is rebounding faster than the overall economic recovery, led by our accelerated transformation,”
James Quincey, chairman and CEO of The Coca-Cola Company
The company’s nutrition, juice, dairy, and plant-based beverages category grew 25% thanks to strong performance by its Minute Maid and Fairlife brands.
Coca-Cola’s Powerade brand in North America drove the sports drink category to rise by 35% in one of the company’s most impressive quarters post-covid-19.
Coca-Cola’s second-quarter results represent a significant recovery by the business where coronavirus-related uncertainty is easing and comes after it saw a slight recovery in Q1 where revenues grew 5% growth to reach US$9 billion.
The owner of Sprite and Fanta particularly benefitted from the rebound of its away-from-home channels as restrictions abated in certain markets.
With recovery on track in its major markets, the company, popularly known for its cola soda Coke, is now optimistic about its full-year results.
The company has updated its full-year guidance and expects to deliver organic revenue growth of 12-14%, compared to its previous predictions of high single digits.
“Our results in the second quarter show how our business is rebounding faster than the overall economic recovery, led by our accelerated transformation,” said James Quincey, chairman and CEO of The Coca-Cola Company.
“We are executing against our growth plans and our system is aligned. We are better equipped than ever to win in this growing, vibrant industry and to accelerate value creation for our stakeholders.”
Earlier, Coca-Cola’s competitor PepsiCo reported a 20.5% increase in net revenue in its second-quarter results buoyed by easing pandemic restrictions in its major markets across the world.
The company, boldened by the impressive quarter results and a strong recovery in its major markets across the globe, also raised its full-year guidance to 6%.
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