Coca-Cola (NYSE:KO) stock is rising higher on Monday following the release of the company’s earnings report for the first quarter of 2022.
The good news for KO stock starts with the company’s non-GAAP earnings per share of 64 cents. For the record, that’s well above the 58 cents per share estimate that Wall Street was expecting. It also represents 16% year-over-year growth.
Revenue was another positive for Coca-Cola with it reporting $10.5 billion in Q1 2022. That beats out the $9.83 billion that analysts were looking for during the period. It’s also a 16% increase compared to the company’s revenue in Q1 2021.
James Quincey, chairman and CEO of Coca-Cola, said the following in the earnings report boosting KO stock today.
“We remain true to our purpose and are staying close to consumers. We are confident in our full-year guidance, and we are well-equipped to win in all types of environments as we fuel strong topline momentum and create value for our stakeholders.”
Coca-Cola notes that it expects to feel the effects of no longer doing business in Russia due to the war with Ukraine. This has it expecting comparable EPS growth of 5% to 6% in 2022 compared to $2.32 in 2021. For comparison, Wall Street is expecting comparable EPS of $2.45 in 2022.
Today’s news also has KO stock seeing decent trading this morning. As of this writing, nearly 6 million shares have changed hands. To put that in perspective, the beverage company’s daily average trading volume is about 18.3 million shares.
KO stock is up nearly 1% as of Monday morning and is up 10.9% since the start of the year.
Investors looking for more of the latest stock market news are in luck!
We’ve got all the most recent stock news that traders need to know about today! Among that is what’s happening with Twitter (NYSE:TWTR) stock, this morning’s biggest pre-market stock movers, and more! You can read all about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
