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Coca-Cola Co. KO shares,
Wednesday, after the drink and the giant reported fourth-quarter profit that beat expectations. Volume trends have remained “resilient” amid uncertainty over the COVID-19 pandemic, but came under pressure in December and early 2021 amid a resurgence in coronavirus cases. Net income fell $ 1.46 billion, or 34 cents per share, from $ 2.04 billion, or 47 cents per share, the year before. Excluding one-time items, adjusted earnings per share fell from 44 cents to 47 cents, beating the FactSet consensus of 42 cents. Revenue fell 5% to $ 8.61 billion, just above the FactSet consensus of $ 8.60 billion. Reported revenues fell in all geographies, with revenues in North America falling the least at 1% and Latin America the most down at a decline of 14%. For 2021, the company expects adjusted EPS growth in the high-to-double-digit percentage ranges, while the current BPA FactSet consensus of $ 2.10 implies growth of 7.7%. The stock has lost 7.9% in the past three months through Tuesday, while the Dow Jones Industrial Average DJIA,
gained 6.6%.
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