Shares in Coca-Cola Co (NYSE:KO) fizzed higher in New York Thursday as the firm’s fourth quarter sales beat Wall Street estimates, boosted by new products from the iconic brand.
Consumption of soda has fallen in the US so the group has been forced to create healthier options and branch out into new categories.
Coke Zero Sugar line expanded
The Coke Zero Sugar line has expanded for example and helped the group post its best performance for eight years.
In addition, the drinks behemoth told investors it had benefited from an extra day in the quarter and more customers buying higher-priced products.
Adjusted earnings per share (EPS) for the three months came in at US$0.44, which met analysts’ estimates. Meanwhile, revenue for the quarter came in at US$9.07 billion, which beat Wall Street expectations for US$8.89 billion.
For 2020, Coke estimates organic revenue will grow by 5%, while adjusted earnings per share will increase by 7% to US$2.25.
Coca-Cola shares have risen around 19.1% over the last year. As a comparison, the Dow Jones Industrial Average has added 15%.
Shares in New York on the day added 2.39% to US$58.40.