When Coca-Cola Co. (NYSE: KO) reported its most recent quarterly results before the markets opened on Wednesday, the company said that it had $0.59 in earnings per share (EPS) and $9.7 billion in revenue. That compared with consensus estimates from Thomson Reuters of $0.58 in EPS and revenue of $9.65 billion. The second quarter of last year reportedly had EPS of $0.60 and $11.52 in revenue.
Currently the beverage giant expects full-year EPS to be flat to down 2% compared with last year’s $1.91 per share. The previous guidance was for the results to be down 1% to 3%. Consensus estimates call for $1.89 in EPS and $35.29 billion in revenue for the full year.
On the books, Coca-Cola’s cash, cash equivalents and short-term investments totaled $22.73 billion at the end of the quarter, up from with $18.15 billion at the end of the previous fiscal year.
James Quincey, president and CEO, commented:
Our second quarter results demonstrate continued progress against the strategic priorities we have laid out to accelerate the transformation of our business into a total beverage company with balanced growth across a consumer-centric portfolio. Not only did we see strong performance during the quarter in rapidly expanding areas of our Company, such as our innocent juice and smoothie business in Europe, our organic revenue growth in sparkling soft drinks was led by innovation in and marketing support for our low- and no-sugar options like Coca-Cola Zero Sugar, which continues to roll out around the world. Our performance gives us confidence that we will achieve our full year financial objectives even in the face of challenging conditions, and also demonstrates further success in evolving our portfolio to meet changing consumer tastes and preferences. While we are in a period of substantial transformation and change that is never easy, I am encouraged by the spirit of our people and partners as we reinvent the Company for the future.
Shares of Coca-Cola were last seen trading relatively flat at $45.20, with a consensus analyst price target of $45.77 and a 52-week range of $39.88 to $46.06.