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 financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
