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Coke’s stock rallies after profit, revenue beats Shares of Coca-Cola Co. rose 1.6% in premarket trading Tuesday, after the beverage giant reported first-quarter profit and revenue that beat expectations, as pantry loading earlier in the quarter helped offset substantial declines in its away-from-home channels given the […]




Coke’s stock rallies after profit, revenue beats

Shares of Coca-Cola Co. rose 1.6% in premarket trading Tuesday, after the beverage giant reported first-quarter profit and revenue that beat expectations, as pantry loading earlier in the quarter helped offset substantial declines in its away-from-home channels given the COVID-19 pandemic. Net income rose to $2.78 billion, or 64 cents a share, from $1.68 billion, or 39 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 51 cents, above the FactSet consensus of 44 cents. Revenue fell 1% to $8.60 billion but topped the FactSet consensus of $8.30 billion. Unit case growth volume grew 3% through the end of February, but ended up down 1% for the quarter as with “solid” growth in North America more than offset by weakness in Asia/Pacific. Sparking drinks case volume fell 2%; water, enhanced water and sports drinks grew 2%; juice, dairy and plant-based beverages declined 6% and tea and coffee fell 6%. Given the uncertainties surrounding the impacts of COVID-19, the company isn’t providing full-year guidance. The stock has declined 18.6% over the past three months through Monday, while the Dow Jones Industrial Average has lost 19.0%.

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