A delivery truck driver unloads Coca-Cola Co. soft drinks. in Lawrenceburg, Kentucky, USA, on Monday, February 10, 2020.
Luke Sharrett | Bloomberg | Getty Images
Coca-Cola said Wednesday that the coronavirus pandemic continues to hurt its sales, but cost-cutting efforts have helped it estimate analysts’ earnings.
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, according to a survey by Refinitiv analysts:
- Earnings per share: 47 cents, adjusted, against 42 cents expected
- Revenue: $ 8.6 billion compared to projected $ 8.663 billion
The beverage giant reported fourth-quarter net income of $ 1.46 billion, or 34 cents a share, below $ 2.04 million, or 47 cents a share, a year earlier.
Excluding restructuring charges and other items, Coke earned 47 cents per share, exceeding the 42 cents per share expected by analysts surveyed by Refinitiv.
Net sales fell 5%, to $ 8.6 billion, without expecting $ 8.6 billion.
The unit volume of cases, which eliminates the impact of foreign currency, fell by 3%. All four segments of their drinks reported volume drops.
In 2021, Coke expects organic revenue growth in high single digits and adjusted revenue growth in a range between high single digits and low double digits. Analysts forecast 10.5% growth for their full-year earnings was at the top of the range.