Investors can expect some earnings fizz and potentially a round of upgrades when Coca-Cola HBC (CCH) serves up first half results on 7 August.

The positive setup heading into the print for the consumer packaged goods group, a strategic bottling partner of The Coca-Cola Company (KO:NYSE), follows forecast-beating second quarter earnings (23 July) and raised guidance from the latter, which controls Coke and other brands and sells concentrates and syrups to Coca-Cola HBC and other bottling partners.

The forecast beat from New York-listed Coke demonstrates global demand for its iconic Coca-Cola brand and broader drinks portfolio remains resilient.

Year-to-date, shares in geographically-diversified Coca-Cola HBC, which operates everywhere from Greece, Italy and Poland to Ukraine, Egypt and Nigeria, are up more than 20%, so positive revisions will probably be needed to sustain this momentum.

On 30 April, Coca-Cola HBC reiterated its 2024 guidance for organic sales growth of 6% to 7% and organic EBIT (earnings before interest and tax) growth in the 3% to 9% range as the Schweppes, Coke Zero and Finlandia Vodka seller highlighted a strong start to the year.

Organic revenues bubbled up 12.6% in the first quarter, led by Coca-Cola HBC’s ‘strategic priority’ categories of Sparkling, Energy and Coffee. CEO Zoran Bogdanovic called out another quarter of volume growth and market share gains, with emerging markets proving the star turn.

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