Coca-Cola has raised its full-year sales and profit forecasts as demand bounces back from pandemic lows for its beverages following the re-opening of cinemas, restaurants and stadiums.
Shares of the world's largest fizzy drinks maker, which struggled for much of last year after public venues were shut to curb the spread of the coronavirus pandemic, rose 3% in early trading.
Coca-Cola's revenues in North America, its biggest market, rose 28% in the second quarter, helped by the vaccine-aided reopening and easing of capacity restrictions across the United States.
Reopening economies in Europe, Asia and Latin America also lifted the company's adjusted overall revenue by 41.1% in the reported quarter to $10.13 billion, beating analysts' average estimate of $9.32 billion, according to IBES data from Refinitv.
"Our results in the second quarter show how our business is rebounding faster than the overall economic recovery," Coca-Cola's chief executive James Quincey said in a statement.
The company's total net revenue had slumped 28% the same time last year due to the lockdowns.
Rival PepsiCo, which is less dependent on sales to restaurants and bars, reported a 20.5% jump in second-quarter revenue last week.
Still, Coca-Cola said volumes were pressured in markets where there has been a resurgence in infections.
The company upgraded its annual organic revenue target, expecting it to rise 12% to 14% compared to its prior forecast of a high single digits increase.
Annual adjusted earnings per share are expected to rise 13% to 15%, the company said, compared with its previous estimate for a high single digits to low double digits increase.
Net income attributable to company shareholders rose 48% to $2.64 billion in the second quarter ended July 2. Excluding onetime items, the company earned 68 cents per share, beating expectations of 56 cents.
Coca-Cola has not seen any direct sales impact after Portugal soccer player Cristiano Ronaldo removed two bottles of its soda placed in front of him at a Euro 2020 press conference in June, the beverage giant's finance chief said today.
Ronaldo, a health fanatic with an aversion to carbonated drinks, snubbed the brand by holding a bottle of water and saying "agua", Portuguese and Spanish for water.
His action sent the internet into a frenzy and briefly wiped off billions of dollars from the company's market capitalisation.
"You have to take the long view on these partnerships. You're always going to have some events that don't necessarily go your way and we just deal with them and manage them as such," Coca-Cola Chief Financial Officer John Murphy said in an interview.
"Our commitment to these major tournaments has not been affected," Mr Murphy added.