A man walks past shelves of Coca-Cola bottles and cans at a shopping mall in Lagos, Nigeria November 5, 2019.
Temilade Adelaja | Reuters
Coca-Cola on Thursday reported quarterly revenue that topped analysts’ expectations as new products under its namesake brand boosted sales.
Shares of the company rose 2% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 44 cents, adjusted, vs. 44 cents expected
- Revenue: $9.1 billion vs. $8.9 billion expected
The beverage giant reported fiscal fourth-quarter net income of $2.1 billion, or 47 cents per share, up from $870 million, or 20 cents per share, a year earlier.
Excluding items, Coke earned 44 cents per share, meeting expectations of analysts surveyed by Refinitiv.
Net sales rose 16% to $9.1 billion, topping expectations of $8.9 billion. New products, such as Coke Plus Coffee and the expansion of Coke Zero Sugar, lifted sales during the quarter. The company also benefited from an extra day in the quarter and more customers buying higher priced products.
Global organic revenues increased 7% during the quarter.
In 2020, Coke is forecasting that organic revenue will grow by 5% and adjusted earnings per share will increase by 7% to $2.25. Its earnings outlook falls one cent below analysts’ estimate of $2.26 a share for fiscal 2020.
Read the full press release here.
This story is developing. Please check back for updates.
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