A worker replenishes a Coca-Cola Co. soft drink poster. at a store in Orem, Utah, USA, Tuesday, February 9, 2021.
George Frey | Bloomberg | Getty Images
Coca-Cola reported on Monday that quarterly demand was unchanged from the same period last year, as North America and Western Europe take longer to recover from the coronavirus pandemic.
However, the overall volume of unitary cases in March returned to 2019 levels.
“We are encouraged by the improvements in our business, especially in markets where vaccine availability is growing and economies are opening up, and we remain confident in our guidance for the full year,” CEO James Quincey said in a statement.
The company’s shares increased by less than 1% in premarket trading.
Here is what the company reported compared to what Wall Street expected, based on a survey conducted by analysts by Refinitiv:
- Earnings per share: 55 cents, adjusted, compared to 50 cents expected
- Revenue: $ 9.02 billion compared to $ 8.6 billion expected
The beverage giant reported net tax revenue in the first quarter of $ 2.25 billion, or 52 cents a share, down from $ 2.78 billion or 64 cents a share a year earlier.
With the exception of the articles, Coca-Cola gained 55 cents per share, exceeding the 50 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 5% to $ 9.02 billion, exceeding expectations of $ 8.6 billion. Organic revenues increased by 6%, while the unit volume of cases was fixed compared to the same time a year ago. Coca-Cola said demand improved every month of the quarter, driven by markets such as China, where uncertainty over the virus has fallen.
The company reiterated its year-on-year forecast of organic revenue growth in single high figures and adjusted earnings growth in a range of high figures to two small figures.
In a separate file, Coke announced plans for a public listing of Coca-Cola Beverages Africa. The company will sell part of its shares in the initial public offering, which is expected in the next 18 months.