Coca-Cola hits record high after raising annual forecasts
KO•Peer shares also rise
Shares of rival PepsiCo PEP.O were also up about 4%.
Up to the last close, Coca-Cola had risen around 20% year to date, while PepsiCo had fallen 2.6%.
Shares hit record after outlook boost
Shares of beverage giant Coca-Cola KO.N rose as much as 7% to a record high of $89.94.
If gains hold, the stock is on track for its best day since February 2009.
Higher sales and profit forecasts after strong Q2
The company raised its annual sales and profit forecasts, seeing annual revenue at the higher end of previous expectations, betting on strong demand after second-quarter results beat on World Cup-fueled sales.
Coca-Cola now sees comparable earnings per share growth of 9% to 10%, compared with its earlier target of 8% to 9% growth.
It expects annual organic revenue growth of about 5%, compared with its prior target of 4% to 5% growth.
The company posted second-quarter revenue of $13.7 billion, beating estimates of $13.16 billion, while adjusted EPS of 97 cents beat expectations of 93 cents, according to data compiled by LSEG.
