Coca-Cola profits in line with estimates, outlook goes flat
US drinks manufacturer Coca-Cola was slightly lower in pre-market trade after recording quarterly profits that were largely in line with analysts' expectations.
Coca-Cola Co.
$61.74
11:04 25/04/24
Dow Jones I.A.
38,460.92
04:30 15/10/20
Revenue for the fourth quarter of 2016 was better than originally expected as its North American sales impressed, but the company disappointed on its outlook for the upcoming quarter.
Earnings excluding special items were 37 cents a share in the fourth quarter, down from 38 cents per share in the year-on-year period. The EPS figure was the same as what experts had forecast.
The beverage maker's revenue of $9.41bn was lower than the $10.01bn it posted in the corresponding quarter in 2015, but higher than the $9.13bn expected.
Sales in North America were 1% higher, including growth for its Sprite and Fanta products.
Coca-Cola recently announced that CEO Muhdar Kent would be standing down from his position, to be replaced by James Quincey in May 2017.
"Having worked closely with James for many years, I know that his knowledge and experience make him the ideal candidate to lead our Company and bottling system into the future," current CEO Kent said.
Kent said that 2016 was a solid year for the company, in a statement accompanying the earnings release.
"Strong price/mix stemming from our continued focus on driving revenue and solid performance in our developed markets helped offset persistent macroeconomic pressures in our emerging and developing markets," he added.