Why Coca-Cola (KO) Shares Are Gaining Monday Morning - Coca-Cola (NYSE:KO)

Coca-Cola Co KO shares are up Monday morning following its Street-beating first-quarter performance. The company also revealed confidence in its ability to deliver on 2023 objectives.
KO reported first-quarter FY23 sales growth of 5% year-on-year to $10.98 billion, beating the consensus of $10.80 billion.
Revenue performance included a 1% growth in concentrate sales and a 11% growth in price/mix.
Unit case volume increased 3% for the quarter.
Gross profit rose 4% to $6.6 billion with a profit margin of 60.7%.
The operating margin contracted 180 basis points to 30.7%, while the comparable operating margin gained 40 basis points to 31.8%.
Operating income for the quarter decreased 1% to $3.4 billion.
Adjusted EPS of $0.68 beat the analyst consensus of $0.64.
Cash flow generated from operating activities for the quarter was $160 million, a 74% decline Y/Y.
It held $12 billion in cash and equivalents as of March 31, 2023.
Outlook: Coca-Cola continues to see FY23 organic revenue growth of 7%-8%, comparable currency neutral EPS growth of 7%-9% and comparable EPS growth of 4%-5% versus $2.48 in 2022.
Coca-Cola expects FY23 free cash flow of about $9.5 billion and $11.4 billion in cash flow from operations.
Price Action: KO shares are trading higher by 1.41% at $64.95 in premarket on the last check Monday.

Coca-Cola's Q1 Performance: Tops Expectations, Sees Volume And Margin Uptick, Reaffirms Outlook