A worker rests a sample of Coca-Cola Co. soft drinks. in a store in Orem, Utah, USA, on Tuesday, February 9, 2021.
George Frey | Bloomberg | Getty Images
Coca-Cola reported Monday that quarterly demand has not changed from the same time last year, as North America and Western Europe take longer to recover from the coronavirus pandemic.
However, the volume of global unit cases in March returned to 2019 levels.
“We are encouraged by the improvements in our business, especially in markets where vaccine availability is increasing and economies are opening up and we remain confident in our year-round guidance,” CEO James Quincey said in a statement. .
The company’s shares rose less than 1% in premarket trading.
This is what the company reported compared to what Wall Street expected, according to a survey by Refinitiv analysts:
- Earnings per share: 55 cents, adjusted, against 50 cents expected
- Revenue: $ 9.02 million vs. 8.6 billion euros planned
The beverage giant reported first-quarter net profit of $ 2.252 billion, or 52 cents a share, below $ 2.782 billion, or 64 cents a share, a year earlier.
Excluding items, Coca-Cola earned 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 revenue grew 6%, while the volume of unit cases was flat compared to the same period a year ago. Coca-Cola said demand improved every month in the quarter, driven by markets like China, where virus-related uncertainty has declined.
The company reiterated its year-round forecast of organic revenue growth in high single digits and adjusted profit growth in a range between high single digits and low double digits.
In a separate dossier, 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.