Coca-Cola lifts earnings guidance after strong June sales

(Sharecast News) - Coca-Cola HBC on Friday upgraded full year earnings guidance after a stronger than anticipated finish to the first half of the year. The soft-drink bottler said performance in June, "one of our most significant months, was very good overall". As a result, it expects to deliver strong organic earnings before interest and tax growth for 2023 of 9-12%, from prior guidance of the top end of a -3 to +3% range.

"Our mid-term guidance from 2024 onwards is unchanged. We expect average annual organic revenue growth of 6-7% and average annual organic EBIT margin expansion of 20-40 basis points per annum," Coca-Cola HBC said.

Reporting by Frank Prenesti for Sharecast.com