Coca-Cola Withdraws 2020 Guidance Over Covid-19 Worries
March 20 2020 - 9:52AM
Dow Jones News
By Matt Grossman
The Coca-Cola Co. said Friday that it is likely to miss its
previously stated earnings guidance for 2020 as the Covid-19
pandemic disrupts global markets.
The Atlanta-based beverage giant said that restaurant closures,
sports cancellations and reduced travel will all cut into demand
for its drinks.
In late February, Coca-Cola warned that the pandemic could hurt
business in the first quarter, but the company stood behind
previous guidance for the full year. That guidance had estimated
earnings of $2.25 a share and organic revenue growth of 5% for
2020.
Coca-Cola said Friday that the new coronavirus could now cause a
material change from that forecast, but added that economic
upheaval prevents a reasonable estimate of the full effects.
The company added that it doesn't expect disruptions to its
provision of soft-drink ingredients to its bottlers.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
March 20, 2020 09:37 ET (13:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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