Coca-Cola volume surges while PepsiCo blames weak consumer

Earnings
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Summary · why it matters

Coca-Cola reported second-quarter results that sharply diverged from rival PepsiCo, with global unit case volume growing 5% and North America organic revenue rising 7%, even as PepsiCo missed earnings and cited a weaker American consumer. Coke’s North America volume grew 3% alongside a 4% price/mix increase, while PepsiCo’s Frito-Lay North America organic sales fell 2% and its beverages unit grew just 1%. Coca-Cola Zero Sugar volume jumped 16% and Trademark Coca-Cola grew 5%, its strongest quarterly growth in 17 years excluding the pandemic recovery period. The company raised full-year guidance to roughly 5% organic revenue growth and 9% to 10% comparable earnings-per-share growth, and shares gained around 6% on the day. PepsiCo’s chief executive Ramon Laguarta attributed the shortfall to gas prices, but Citi analyst Filippo Falorni cut the stock to neutral with a $145 price target, saying improvement depends on a broader macro inflection.

Impact on stocks 3

Consumer Staples± Mixed · 3 stocks
The Coca-Cola Company
KO
▲ PositiveDemandrelevance

Coca-Cola reported strong volume growth (5% global, 3% North America) and raised full-year guidance.

PepsiCo Inc
PEP
▼ NegativeDemandrelevance

PepsiCo missed earnings, with Frito-Lay sales falling 2% and beverages growing only 1%, citing weak consumer.

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