Coke Pops on Q3 Results
Coca-Cola traded higher after it released its third-quarter financial results before the markets opened on Friday.
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Coca-Cola Co. (NYSE: KO | KO Price Prediction) released its third-quarter financial results before the markets opened on Friday. The firm said that it had $0.56 in earnings per share (EPS) and $9.5 billion in revenue, while consensus estimates had called for $0.56 per share and $9.43 billion. The same period of last year reportedly had EPS of $0.57 on $8.26 billion in revenue.
During the most recent quarter, net revenues grew 8% and organic revenues grew 5%. Revenue growth was driven by price/mix growth of 6%, partially offset by a 2% decline in concentrate sales.
Unit case volume grew 2%, primarily driven by strong growth in developing and emerging markets, in addition to solid growth in North America. In terms of its segments, Coca-Cola reported as follows:
- Sparkling soft drinks grew 2%, driven by strong 3% global growth in trademark Coca-Cola, including continued double-digit growth in Coca-Cola Zero Sugar.
- Juice, dairy and plant-based beverages grew 1%, led by strong performance within the Minute Maid and Simply portfolio.
- Water, enhanced water and sports drinks grew 2%, led by the Ciel and Cristal brands in Latin America and strong growth in Dasani internationally.
- Tea and coffee volume grew 4%, led by strong performance across the company’s portfolio.
Looking ahead to the 2019 full year, the company expects to see EPS in growing in the range of −1% to +1% and organic revenues growing at least 5%. Consensus estimates call for $2.11 in EPS and $37.0 billion in revenue for the year.
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James Quincey, board chair and chief executive, commented:
Our performance gives us confidence that our strategies are taking hold with our consumers, customers and system. We are positioning the company to create a better shared future for all of our stakeholders by delivering on our vision and growing sustainably.
Shares of Coca-Cola traded up about 2% to $54.85 early Friday, in a 52-week range of $44.42 to $55.92. The consensus price target is $57.48.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
