Coca-Cola tops earnings estimates, hikes full-year outlook as demand for drinks climbs

Coca-Cola on Tuesday reported quarterly earnings and revenue that topped Wall Street's estimates, fueled by higher demand for its drinks.

The company also hiked its full-year forecast. Coke is now projecting comparable earnings per share growth of 9% to 10%, up from its prior forecast of 8% to 9%. It also expects organic revenue to increase about 5%, on the high end of its earlier range of 4% to 5%.

Shares of Coke rose more than 2% in premarket trading.

Here's what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

• Adjusted earnings per share: 97 cents, vs. expected 93 cents
• Revenue: $13.38 billion, vs. $13.16 billion expected

Coke reported second-quarter net income of $4.43 billion, or $1.03 per share, up from $3.81 billion, or 89 cents per share, a year earlier.

Excluding asset impairments, restructuring costs and other items, the company earned 97 cents per share.

Net sales rose 7% to $13.38 billion.