Shares of Coca-Cola Co. KO rose 0.9% toward an eight-month high in premarket trading Monday, after the beverage giant reported first-quarter profit and revenue that rose above expectations, while keeping the full-year growth outlook unchanged. Net earnings per share rose 12% to 72 cents, while adjusted EPS, which excludes nonrecurring items, rose 5% to 68 cents a share. That beat the FactSet consensus of 65 cents. Revenue grew 5% to $11.0 billion, to beat the FactSet consensus of $10.80 billion. Revenue growth included an 11% increase in price and mix and a 1% rise in concentrate sales, as unit case volume grew 3%. For 2023, the company affirmed its growth outlook for organic revenue of 7% to 8% and for adjusted EPS of 4% to 5%. The stock has edged up 0.7% year to date through Friday, while the Consumer Staples Select Sector SPDR exchange-traded fund XLP has tacked on 2.7% and the Dow Jones Industrial Average DJIA has gained 2.0%.
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