Coca-Cola tops earnings estimates, hikes full-year outlook as demand for drinks climbs

Coca-Cola reported its second-quarter earnings on Tuesday before the bell.

Here's what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

Despite economic uncertainty and volatility, the beverage giant has so far this year reported strong demand, thanks to high-income shoppers who are willing to pay more for premium products. Rival PepsiCo hasn't had the same luck; the Gatorade owner reported earlier this month that its North American beverage volume fell 4% in the second quarter.

On July 17, the company disclosed a ransomware attack that targeted Fairlife, its billion-dollar dairy brand known for its high-protein products. Coke temporarily suspended production, but the company said on Monday that it had resumed the majority of operations. The stoppage is not expected to have a material impact on Coke's financial conditions or operations, according to the company.

Shares of Coke have climbed more than 19% this year, outstripping the S&P 500's gains of 8%. Coke has a market cap of nearly $360 billion.