The Coca-Cola Company (NYSE:KO) kicked off 2024 on a strong note, outperforming market expectations for the first quarter. The company recorded adjusted earnings per share of $0.72, above the consensus forecast of $0.70. Its revenue for the quarter also topped expectations at $11.3 billion, compared to the predicted $11.02 billion.

The beverage giant achieved a 3% year-over-year increase in net revenues, while its organic revenues rose by 11%. This growth was largely driven by a 13% increase in price/mix, although it was offset somewhat by a 2% drop in concentrate sales. Global unit case volume also saw a slight increase of 1%. However, Coca-Cola’s operating income declined by 36%, impacted by charges related to its fairlife and BODYARMOR trademarks and adverse currency effects.

For the full year of 2024, Coca-Cola revised its guidance, now anticipating an 8% to 9% increase in organic revenue. The company expects a 4% to 5% impact from currency fluctuations on net revenues and a 7% to 8% impact on comparable EPS growth. Despite these headwinds, Coca-Cola is projecting an 11% to 13% rise in comparable currency neutral EPS and forecasts a 4% to 5% increase in comparable EPS from the $2.69 reported in 2023.