Coca-Cola said Tuesday it will add a cane-sugar version of its trademark cola to its U.S. lineup this fall, confirming a recent announcement by President Donald Trump.
Trump said in a social media post last week that Coca-Cola had agreed to use real cane sugar in its flagship product in the U.S. instead of high-fructose corn syrup. Coke didn’t immediately confirm the change, but promised new offerings soon.
On Tuesday, Coca-Cola Chairman and CEO James Quincey said Coke will expand its product range “to reflect consumer interest in differentiated experiences.” Coke currently sells Mexican Coke, which is made with cane sugar, in the U.S.
“We appreciate the president’s enthusiasm for our Coca-Cola brand,” Quincey said in a conference call with investors Tuesday. “This addition is designed to complement our strong core portfolio and offer more choice across occasions and preferences.”
Coca-Cola reported better-than-expected earnings in the second quarter as higher prices offset weaker sales volumes.
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Case volumes fell 1 per cent globally and 1 per cent in North America, but Coke said Tuesday that pricing rose 6 per cent for the April-June period.
Global case volumes of Coca-Cola fell 1 per cent, mostly due to weaker sales in Latin America. One bright spot was Coca-Cola Zero Sugar, which saw volumes grow 14 per cent.
Traditional Coca-Cola still far outsells the zero-sugar variety, but consumer demand for zero-sugar versions is growing much more quickly.
Global case volumes of juice, dairy and plant-based beverages fell 4 per cent, Coke said. Sports drink case volumes were down 3 per cent, as higher demand in North America was offset by declines in Latin America.
Revenue for the Atlanta company rose 1 per cent to US$12.5 billion. Adjusted for one-time items, quarterly revenue was $12.6 billion. That was in line with Wall Street’s forecast, according to analysts polled by FactSet.
Net income jumped 58 per cent to $3.8 billion. Its adjusted net income was 87 cents, which was higher than the 83 cents Wall Street forecast.
Coke said Tuesday it now expects full-year adjusted earnings to grow 8 per cent. At the start of the year, Coke had expected earnings to grow 8 per cent to 10 per cent, but in April it lowered that range to 7 per cent to 9 per cent. Coke earned $2.88 per share in 2024.
Shares of Coca-Cola Co. were down slightly early Tuesday as were all major U.S. markets.
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