A delivery truck driver unloads Coca-Cola Co. soft drinks. in Lawrenceburg, Kentucky, USA, Monday, February 10, 2020.
Luke Sharrett | Bloomberg | Getty Images
Coca-Cola said Wednesday that the coronavirus pandemic continues to hurt sales, but cost-cutting efforts have helped it estimate analysts’ top earnings.
The company also released its first forecast since the crisis hit its business.
Here is what the company reported compared to what Wall Street expected, based on a survey conducted by analysts by Refinitiv:
- Earnings per share: 47 cents, adjusted, compared to 42 cents expected
- Revenue: $ 8.6 billion compared to expected $ 8.63 billion
The beverage giant reported fourth-quarter net income of $ 1.46 billion, or 34 cents a share, down from $ 2.04 billion or 47 cents a share a year earlier.
With the exception of restructuring expenses and other items, Coca-Cola gained 47 cents per share, exceeding the 42 cents per share expected by analysts surveyed by Refinitiv.
Net sales fell 5% to $ 8.6 billion, missing expectations of $ 8.63 billion.
The unit volume of cases, which eliminates the impact of currencies, decreased by 3%. All four beverage segments reported decreases in volume.
In 2021, Coca-Cola expects organic revenue growth in high high figures and adjusted earnings growth in a range of high figures high to double low. Analysts’ forecasts of a 10.5% increase in its year-over-year earnings were at the top of the range.