A driver of delivery trucks loads Coca-Cola Co. soft drink in Lawrenceburg, Kentucky, USA, on Monday, February 10, 2020.
Luke Sharrett | Bloomberg | Getty Images
Coca-Cola said on Wednesday that the coronavirus pandemic was still hurting its sales, but the cost-cutting effort helped meet analysts’ earnings estimates.
The company also released its first forecast since the crisis hit its business.
This is what the company reported compared to what Wall Street expected, based on a survey by analysts by Refinitiv:
- Earnings per share: 47 cents, adjusted, compared to 42 cents expected
- Revenue: $ 8.6 billion against $ 8.63 billion expected
The liquor giant dropped a net income of $ 1.46 billion, or 34 cents per share, in the fourth quarter from a year earlier of $ 2.04 billion, or 47 cents per share.
Excluding restructuring costs and other items, Coke earns 47 cents per share, above the 42 cents per share expected by analysts interviewed by Refinitiv.
Net sales fell 5% to $ 8.6 billion, and expectations of $ 8.63 billion were missed.
The volume unit, which removes the impact of foreign exchange, shrank by 3%. All four of its beverage segments have declined in volume.
By 2021, Coke expects organic revenue growth in the high single digits and adjusted earnings growth in a range of high single digits to low double digits. Analysts’ forecast of 10.5% growth for its full-year earnings was at the higher end of the range.