Coca-Cola Shares Rise After Earnings Beat Expectations

Coca-Cola Co. shares rose 0.3% in Wednesday premarket trading after the beverage company beat earnings and revenue expectations. Second-quarter net income was $1.37 billion, or 32 cents per share, down from $3.45 billion, or 79 cents per share for the same period last year. Adjusted EPS of 59 cents beat the 57-cents FactSet consensus. Revenue for the quarter totaled $9.7 billion, down from $11.5 billion last year and ahead of the $9.6 billion FactSet consensus. Coca-Cola attributed the revenue decline to the ongoing franchising of bottling territories and a foreign currency headwind. Coca-Cola now expects full-year EPS of flat to 2% decline from $1.91 last year compared to previous guidance of down 1% to down 3%. Coca-Cola share are up 9.1% for the year so far while the S&P 500 index is up 10.6% for the period.