Beverage giant Coca-Cola Co. has raised its outlook for the year, as rising Covid-19 vaccination rates have paved the way for reopening restaurants, stadiums, and movie theaters, which in turn boosts the sales of soft drinks around the globe. Coca-Cola's sales plummeted in 2020 when dining and entertainment venues were closed due to a pandemic. The company's revenue recently soared above levels from year earlier and topped revenue in the same period in 2019.
The company's net revenue for the quarter was $10.1 billion; it saw a sharp rise from a year ago and up slightly from $10 billion in the same period in 2019. Coke now expects organic revenue growth of 12 to 14 percent in 2021. It projects per-share earnings will grow between 13and 15 percent this year, a growth rate between high single digits and low double digits.
The company remains very clear-eyed about the potential spikes in some markets due to the new strain of the virus—Delta variant, but overall it sees for a return to normalcy. The company's executives stated that while consumption in the US has rebounded, but the country isn't yet past the pandemic. Therefore Coca-Cola is trying to boost manufacturing and production as early as possible.