Coca-Cola on Thursday reported quarterly earnings that were in line with analysts’ expectations for the year, but fell short in their expected earnings for 2019.
Shares of the company dropped 2 percent in premarket trading.
The company expects that in 2019 its earnings per share could fall or rise by 1 percent. Wall Street was forecasting Coke to earn $2.23 per share in 2019. The beverage giant earned $2.08 per share in 2018.
Here’s what Coke reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 43 cents vs. 43 cents expected
- Revenue: $7.06 billion vs. $7.04 billion expected
Net sales dropped 6 percent to $7.06 billion, topping expectations of $7.04 billion. The company attributed the revenue decline to the impact of currency and re-franchising its bottling operations.
The soda giant reported fiscal fourth-quarter net income of $870 million, or 20 cents per share, up from a loss of $2.75 billion, or 65 cents per share, a year earlier. Coke said that freight costs negatively impacted its earnings this quarter.
Excluding items, Coke earned 43 cents per share, in line with the consensus estimates from Refinitiv. For fiscal year 2019, Coke is forecasting organic revenue growth of 4 percent.
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