Coca-Cola 1Q Sales Fall 1%
April 21 2020 - 6:53AM
Dow Jones News
By Dave Sebastian
Coca-Cola Co. reported lower revenue for the latest quarter,
reflecting growing sales for the first two months of the year
before the Covid-19 pandemic escalated and resulted in reduced
travel, restaurant closures and sports cancellations outside of
China.
The beverage giant Tuesday posted first-quarter sales of $8.6
billion, down 1% the year-ago period. Analysts polled by FactSet
were targeting sales of $8.3 billion.
The Atlanta-based company said organic revenue, which excludes
the effect of currency swings, acquisition and divestitures, was
flat. For the quarter, Coca-Cola reported earnings of $2.76
billion, or 64 cents a share, compared with $1.68 billion, or 39
cents a share, in the comparable quarter last year.
Adjusted earnings were 51 cents a share, ahead of the 44 cents
analysts had expected.
Unit-case volume, or the number of 24 8-ounce servings of
finished beverage sold, fell 1% for the quarter as declines in Asia
Pacific due to coronavirus offset growth in North America, the
company said.
Unit-case volume for its sparkling soft drinks, which include
its namesake soda drink, Diet Coke, Fanta and Sprite, fell 2% for
the quarter, led by a decline in Asia Pacific, particularly China.
Unit-case volume for juice, dairy and plant-based beverages fell 6%
due to a decline in Minute Maid Pulpy in China. Unit-case volume
for water and sports drinks was up 2%, while that of tea and coffee
fell 6%.
In North America, unit-case volume rose 3%. Coca-Cola's
Asia-Pacific segment's unit-case volume fell 7%.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 21, 2020 06:38 ET (10:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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