Beverages giant Coca-Cola Co. (KO) reported Tuesday a profit for the first quarter that grew 2 percent from last year, reflecting lower income taxes and a 3 percent revenue growth.

Both adjusted earnings per share and quarterly revenues topped analysts’ expectations. The company also maintained its adjusted earnings guidance for the full-year 2024, but raised organic revenue growth outlook.

“We’re encouraged by our start to 2024, delivering another quarter of volume, topline and earnings growth amidst a dynamic backdrop,” said James Quincey, Chairman and CEO.

For the first quarter, net income attributable to shareowners of Coca-Cola grew to $3.18 billion or $0.74 per share from $3.11 billion or $0.72 per share in the prior-year quarter. Excluding items, comparable earnings per share were $0.72, compared to last year’s $0.68.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts’ estimates typically exclude special items.

Net operating revenues for the quarter increased 3 percent to $11.30 billion from $10.98 billion in the same quarter last year, driven by 13 percent growth in price/mix and 2 percent decline in concentrate sales. Analysts expected revenues of $10.28 billion for the quarter.

Organic revenues also grew 11 percent in the quarter.

Global unit case volume grew 1 percent. Developed markets were even, while developing and emerging markets grew low single digits, driven by growth in Brazil, the Philippines and Nigeria.

The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.

Looking ahead to the second quarter, Coca-Cola projects comparable net revenues to include an approximate 8 to 9 percent currency headwind and approximate 5 to 6 percent headwind from acquisitions, divestitures and structural changes.

Comparable earnings are expected to include an approximate 8 to 9 percent currency headwind and approximate 2 percent headwind from acquisitions, divestitures and structural changes.

For fiscal 2024, the company continues to project comparable earnings in a range of 4 to 5 percent from the $2.69 per share reported in 2023, implying earnings in a range of $2.80 to $2.82 per share.

However, comparable currency neutral earnings are now expected to grow 11 to 13 percent, up from the prior forecast range of 8 to 10 percent.

It also now projects organic revenue growth of 8 to 9 percent, up from the previously forecast range of 6 to 7 percent.

The Street is looking for earnings of $2.63 per share on revenue growth of 0.1 percent to $42.82 billion for the year.

“We believe our global system is primed for sustained success, thanks to the right strategies, clear alignment, a powerful portfolio and strong execution,” Quincey added.

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