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Coke’s Sports Drink Volume Falls During Quarter

  • Coke’s net revenues grew 5% to $10.9 billion compared to 2022’s first quarter.
  • Volume for Coke's sports drink division, including BodyArmor and Powerade, fell 1%
Troy Wayrynen-USA TODAY Sports
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Coca-Cola enjoyed a strong quarter, with one notable exception.

The company’s market value hit $277 billion — but its sports drink category, driven by Powerade and BodyArmor, saw volume decrease 1%, according to its first-quarter earnings report.

Coke has been raising prices on its beverages to mitigate the impact of inflation, from which it anticipates a mid-single-digit percentage effect on its cost of goods in 2023.

  • Coke’s net revenues grew 5% to $10.9 billion compared to 2022’s first quarter.
  • Earnings per share reached 72 cents, a year-over-year increase of 12%.
  • Cash-flow operations equaled $160 million, a decline of approximately $460 million from the year prior.
  • The downward volume for Powerade and BodyArmor was balanced by increased demand for Coke’s coffee and bottled water divisions. 

Sales for Powerade’s and BodyArmor’s sports drinks lag behind rival PepsiCo’s Gatorade brand. Demand for Coke’s sports drinks could have also been impacted by the arrival of Prime Hydration, the energy drink from social media influencers Logan Paul and KSI that amassed $250 million in retail sales last year.

Coke initially owned 15% of BodyArmor before buying the remaining 85% of the company for $5.6 billion in 2021. BodyArmor’s athlete endorsers include Mookie Betts, Naomi Osaka, Dustin Johnson, Megan Rapinoe, James Harden, Mike Trout, and Sabrina Ionescu. 

It also has sponsorship deals with MLS, UFC, and tennis’ US Open.

Shares for Coke were up less than 1% Monday morning amid its earnings report.

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