A delivery truck driver unloads soft drinks from Coca-Cola Co. in Lawrenceburg, Kentucky, USA, on Monday, February 10, 2020.
Luke Sharrett | Bloomberg | Getty Images
Coca-Cola said on Wednesday that the coronavirus pandemic is still hurting its sales, but cost-cutting efforts have helped it reach analysts’ profit estimates.
The company also released its first projection since the crisis hit its businesses.
Here’s what the company reported compared to what Wall Street expected, based on a survey of Refinitiv analysts:
- Earnings per share: 47 cents, adjusted, against 42 cents expected
- Revenue: $ 8.6 billion versus expected $ 8.63 billion
The beverage giant posted fourth quarter net income of $ 1.46 billion, or 34 cents per share, compared to $ 2.04 billion, or 47 cents per share, a year earlier.
Excluding restructuring charges and other items, Coca earned 47 cents per share, exceeding the 42 cents per share expected by analysts polled by Refinitiv.
Net sales fell 5%, to $ 8.6 billion, losing expectations of $ 8.63 billion.
The volume of unit boxes, which excludes the impact of foreign currency, shrank 3%. All four beverage segments reported declines in volume.
In 2021, Coca is expecting organic revenue growth in the high-digit range and earnings growth adjusted in a range from high-digit to low-digit. Analysts’ forecast of 10.5% growth for their full-year earnings was at the upper end of the range.