Coca-Cola beats estimates, tops pre-pandemic levels
The beverage giant’s revenue rose 10% to $9.46 billion, compared to estimates of $8.96 billion
• The beverage giant’s revenue rose 10% to $9.46 billion, compared to estimates of $8.96 billion
• Shares of the company rose more than 1% in trading
Coca-Cola (KO) topped earnings expectations as it reported better-than-expected earnings and revenue, crossing pre-pandemic levels for the first time.
The beverage giant’s revenue rose 10% to $9.46 billion, compared to $8.96 billion, as expected by analysts according to Refinitiv.
Shares of the company rose more than 1% in trading.
“While we are seeing some impacts from the omicron variant through the first few weeks of the year, we’re not seeing the same level of disruption as previous waves and our system is better equipped,” said CEO James Quincey.
Coke, however, forecast weaker-than-expected outlook due to high inflation. Rival PepsiCo (NYSE: PEP) also warned about increasing costs for packaging and transportation.
For the fourth quarter, Coke reported net income of $2.41 billion, or 56 cents per share, an increase from $1.46 billion, or 34 cents per share, a year earlier.
Segment-wise performance
Growth of the sparkling soft drinks segment of the company increased 8% in the quarter, and Coke Zero Sugar saw double-digit growth.
Nutrition, juice, dairy and plant-based beverages, which also includes the brand Simply, saw growth increase of 11% in the quarter.
Sports drinks segment saw the highest increase in volume due to the Bodyarmor acquisition. Hydration, sports drinks, coffee and tea division saw 12% volume growth.
Coke bought Bodyarmor for $5.6 billion in the fourth quarter to expand in the sports drink category.
Picture Credits: Getty Images
