A truck driver unloads Coca-Cola Co. soft drinks on Monday, February 10, 2020. in Lawrenceburg, Kentucky, USA.
Luke Sharrett | Bloomberg | Getty Images
Coca-Cola said on Wednesday that the coronavirus pandemic is still hurting its sales, but cost-cutting efforts helped it beat analysts’ earnings expectations.
The company also released its first forecast since the crisis hit its company.
This is what the company reported compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: 47 cents, adjusted, vs. 42 cents expected
- Revenue: $ 8.6 billion vs. $ 8.63 billion expected
The beverage giant reported fourth-quarter net profit of $ 1.46 billion, or 34 cents a share, compared to $ 2.04 billion, or 47 cents a share a year earlier.
Excluding restructuring charges and other items, Coke earned 47 cents a share, above the 42 cents a share expected by analysts polled by Refinitiv.
Net sales decreased 5% to $ 8.6 billion, falling short of expectations of $ 8.63 billion.
Unit case volume, which excludes the impact of foreign exchange, shrank by 3%. All four beverage segments reported a volume decline.
In 2021, Coke expects high single digit organic sales growth and adjusted earnings growth in a range from high single to low double digits. Analysts’ forecast of 10.5% growth for full year earnings was at the top end of the range.