Coca-Cola Co. said it’s launching a new Coke product for American consumers made with US cane sugar this fall.
Tuesday’s announcement came less than a week after President Donald Trump said in a Truth Social post that the company agreed to use cane sugar in its US Coke beverages. On a call with analysts, Chief Executive Officer James Quincey thanked the president for his “enthusiasm for our Coca-Cola brand.”
The company also posted second-quarter sales growth and profit that beat Wall Street expectations as consumers continued to pay higher prices for the company’s soft drinks. It now expects full-year comparable earnings per share growth of about 3%, up from a range of 2% to 3%.
The shares slipped 1.2% at 10:34 a.m. in New York trading. The stock advanced 13% so far this year through Monday’s close, outpacing the S&P 500 Index.
For decades, Coca-Cola has used high fructose corn syrup, which is cheaper than cane sugar, to sweeten its signature product in the US. However, a pricier version of the soft drink, imported from Mexico, uses cane sugar and has gained a cult following. Bloomberg’s Kenneth Shea reports.
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