The company also released its first forecast since the crisis hit its business.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts 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 income of $1.46 billion, or 34 cents per share, down from $2.04 billion, or 47 cents per share, a year earlier.
Excluding restructuring charges and other items, Coke earned 47 cents per share, topping the 42 cents per share expected by analysts surveyed by Refinitiv.
Net sales dropped 5% to $8.6 billion, missing expectations of $8.63 billion.
Unit case volume, which strips out the impact of foreign currency, shrank by 3%. All four of its beverage segments reported volume declines.
In 2021, Coke is expecting organic revenue growth in the high single digits and adjusted earnings growth in a range of high single digits to low double digits. Analysts’ prediction of 10.5% growth for its full-year earnings were on the higher end of the range.
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