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A delivery truck driver unloads Coca-Cola Co. soft drinks in Lawrenceburg, Ky., United States, Monday, February 10, 2020.
Luke Sharrett | Bloomberg | Getty Images
Coca-Cola said on Wednesday that the coronavirus pandemic is still hurting its sales, but cost-cutting efforts have helped it exceed analysts’ revenue estimates.
The company has also released its first forecast since the crisis hit its business.
Here’s what the company reported compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: 47 cents, adjusted, vs. 42 cents expected
- Turnover: $ 8.6 billion against $ 8.63 billion expected
The beverage giant reported fourth-quarter net profit of $ 1.46 billion, or 34 cents per share, from $ 2.04 billion, or 47 cents per share, a year earlier.
Excluding restructuring charges and other items, Coke gained 47 cents per share, exceeding the 42 cents per share expected by analysts polled by Refinitiv.
Net sales fell 5% to $ 8.6 billion, missing expectations of $ 8.63 billion.
Unit cash volume, which removes the impact of foreign currencies, decreased by 3%. All four segments of its beverages recorded volume declines.
In 2021, Coke expects organic revenue growth in the high single-digit digits and adjusted profit growth in a range of high double-digit single digits. Analysts’ forecasts of 10.5% growth in annual profits were at the high end of the range.
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