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Coca-Cola (KO - Free Report) on Wednesday morning beat analysts’ second-quarter earnings and revenue expectations as its diet product line’s sales increased.
Coca-Cola’s diet products, such as Coke Zero and Diet Coke, have been struggling for years. The company said Wednesday that after changing Coke Zero’s name to Coca-Cola Zero Sugar, it sold more in North America during the second quarter. As much as the name Coke Zero can be ambiguous, the new name made it clear that the product carried ‘zero’ amount of sugar.
Diet Coke also has been showing improvement, said the company, after undergoing changes in the product’s appearance and flavors. The silver cans were recently changed to be taller and slimmer, with more varieties of flavors offered. Although sales volume itself for Diet Coke has dipped 1 percent this quarter, it still contributed well to revenue, according to the company.
“Clearly, we're doing better with Diet Coke the second quarter than the first quarter, the first half of this year than we've been doing for good number of years,” said Coke executive James Quincey on the company’s earnings call. “It's not growing in aggregate yet, so there's still work to do. But it's certainly causing a reconsideration of the Diet Coke brand, and the flavors and the packaging and the marketing are part of that.”
The arms race between Coca-Cola and its rival PepsiCo (PEP - Free Report) results in both companies trying to secure consumers’ love in an increasingly competitive marketplace. To maintain their popularities in the market, Coke and Pepsi are producing more varieties of drinks, including diet sodas.
After undergoing such adjustments, Coke said it earned 61 cents a share in the quarter, a penny higher than analysts had expected. Total revenue for the quarter fell to $8.93 billion, but it still beat the expected amount of $8.54 billion.
Coca-Cola currently holds a Zacks Rank #4 (Sell), but that could change if analysts reconsider their sentiment based on today’s results.
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Image: Bigstock
Coca-Cola (KO) Says Diet Sodas Aren't Dead Yet
Coca-Cola (KO - Free Report) on Wednesday morning beat analysts’ second-quarter earnings and revenue expectations as its diet product line’s sales increased.
Coca-Cola’s diet products, such as Coke Zero and Diet Coke, have been struggling for years. The company said Wednesday that after changing Coke Zero’s name to Coca-Cola Zero Sugar, it sold more in North America during the second quarter. As much as the name Coke Zero can be ambiguous, the new name made it clear that the product carried ‘zero’ amount of sugar.
Diet Coke also has been showing improvement, said the company, after undergoing changes in the product’s appearance and flavors. The silver cans were recently changed to be taller and slimmer, with more varieties of flavors offered. Although sales volume itself for Diet Coke has dipped 1 percent this quarter, it still contributed well to revenue, according to the company.
“Clearly, we're doing better with Diet Coke the second quarter than the first quarter, the first half of this year than we've been doing for good number of years,” said Coke executive James Quincey on the company’s earnings call. “It's not growing in aggregate yet, so there's still work to do. But it's certainly causing a reconsideration of the Diet Coke brand, and the flavors and the packaging and the marketing are part of that.”
The arms race between Coca-Cola and its rival PepsiCo (PEP - Free Report) results in both companies trying to secure consumers’ love in an increasingly competitive marketplace. To maintain their popularities in the market, Coke and Pepsi are producing more varieties of drinks, including diet sodas.
After undergoing such adjustments, Coke said it earned 61 cents a share in the quarter, a penny higher than analysts had expected. Total revenue for the quarter fell to $8.93 billion, but it still beat the expected amount of $8.54 billion.
Coca-Cola currently holds a Zacks Rank #4 (Sell), but that could change if analysts reconsider their sentiment based on today’s results.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>