A worker restocks a display of Coca-Cola Co. soft drinks at a store in Orem, Utah, U.S., on Tuesday, Feb. 9, 2021.
George Frey | Bloomberg | Getty Images
Coca-Cola on Monday reported quarterly demand was unchanged from the same time last year as North America and western Europe take longer to bounce back from the coronavirus pandemic.
However, global unit case volume in March returned to 2019 levels.
“We are encouraged by improvements in our business, especially in markets where vaccine availability is increasing and economies are opening up, and we remain confident in our full year guidance,” CEO James Quincey said in a statement.
Shares of the company rose less than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 55 cents, adjusted, vs. 50 cents expected
- Revenue: $9.02 billion vs. $8.6 billion expected
The beverage giant reported fiscal first-quarter net income of $2.25 billion, or 52 cents per share, down from $2.78 billion, or 64 cents per share, a year earlier.
Excluding items, Coke earned 55 cents per share, topping the 50 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 5% to $9.02 billion, beating expectations of $8.6 billion. Organic revenues grew 6%, while unit case volume was flat from the same time a year ago. Coke said that demand improved every month of the quarter, driven by markets like China where uncertainty tied to the virus has fallen.
The company reiterated its full-year forecast of organic revenue growth in the high single digits and adjusted earnings growth in a range of high single digits to low double digits.
In a separate filing, Coke announced plans for a public listing of Coca-Cola Beverages Africa. The company will sell a portion of its holdings in the initial public offering, which is expected within the next 18 months.
