Coca-Cola reported $11.3 billion in second-quarter revenue Tuesday, outpacing analysts’ estimates of $10.56 billion and growing 12% from the same period last year.
The company’s sports drink segment grew 7%, primarily attributed to the growth of BODYARMOR and Powerade.
After purchasing 15% of BODYARMOR in 2018, the company acquired the brand’s remaining shares for $5.6 billion in November 2021. Coca-Cola’s earnings report is BODYARMOR’s second full quarter under the brand.
- During the three months that ended July 1, 2022, Coca-Cola recorded net charges of $13 million related to the acquisition.
- The charges include transition and transaction costs, employee retention costs, and “the amortization of noncompete agreements, net of the reimbursement of distributor termination fees.”
Net income reached $1.91 billion, down from the $2.62 billion it recorded one year ago. The company said its second-quarter revenue grew due to higher pricing and an increase in global case volume.
Coca-Cola raised its full-year outlook, expecting organic revenue growth of 12% to 13% compared to its previous guidance of 7% to 8%.
Pixel Pour
During the quarter, Coca-Cola released a new flavor called Byte, which is supposed to taste like pixels. The drink appeared globally on Pixel Point, an island in the video game “Fortnite.” The company previously stated the flavor was inspired by the global gaming community.
