Coca-Cola Beats Q4 Estimates, Strong Growth Abroad
By Rediff Money Desk, ATLANTA Feb 13, 2024 18:35
Coca-Cola reports higher-than-expected revenue for Q4, driven by strong international sales, despite declining demand in North America. Learn more about Coca-Cola's performance and outlook for 2023.
Atlanta, Feb 13 (AP) Coca-Cola reported higher-than-expected revenue in the fourth quarter as growth in Mexico, Germany and other markets offset lower demand in the US.
Revenue rose 7 per cent to USD 10.8 billion for the October-December period, the Atlanta beverage giant said Tuesday. That topped Wall Street's forecast of USD 10.7 billion, according to analysts polled by FactSet.
Revenue growth will likely moderate this year, Coke said. The company expects full-year organic revenue will grow 6 per cent to 7 per cent this year, down from last year's 12 per cent growth. Coke's revenue got a 10 per cent boost from higher prices last year, but those price increases are expected to moderate along with inflation.
Unit case volumes rose 2 per cent in the quarter, led by sparkling soft drinks, juices and Coca-Cola Zero Sugar. Sports drinks, coffee and tea all saw lower demand.
In North America, unit case volumes declined 1 per cent as growing sales of juice, dairy and Coca-Cola were offset by falling demand for water, sports drinks, coffee and tea. Coke said its prices rose 8 per cent during the quarter. While that was down from the double-digit price increases the company put in place earlier in 2023, Coke has said that higher prices are pinching some consumers and forcing them to trade down to store brands.
Unit case volumes grew in Coke's other global markets.
Net income fell 3 per cent to USD 1.9 billion, or 46 cents per share. Without one-time items, including restructuring costs, the company earned 49 cents per share. That was in line with Wall Street's forecast.
Coke shares rose almost 1 per cent in premarket trading.
Revenue rose 7 per cent to USD 10.8 billion for the October-December period, the Atlanta beverage giant said Tuesday. That topped Wall Street's forecast of USD 10.7 billion, according to analysts polled by FactSet.
Revenue growth will likely moderate this year, Coke said. The company expects full-year organic revenue will grow 6 per cent to 7 per cent this year, down from last year's 12 per cent growth. Coke's revenue got a 10 per cent boost from higher prices last year, but those price increases are expected to moderate along with inflation.
Unit case volumes rose 2 per cent in the quarter, led by sparkling soft drinks, juices and Coca-Cola Zero Sugar. Sports drinks, coffee and tea all saw lower demand.
In North America, unit case volumes declined 1 per cent as growing sales of juice, dairy and Coca-Cola were offset by falling demand for water, sports drinks, coffee and tea. Coke said its prices rose 8 per cent during the quarter. While that was down from the double-digit price increases the company put in place earlier in 2023, Coke has said that higher prices are pinching some consumers and forcing them to trade down to store brands.
Unit case volumes grew in Coke's other global markets.
Net income fell 3 per cent to USD 1.9 billion, or 46 cents per share. Without one-time items, including restructuring costs, the company earned 49 cents per share. That was in line with Wall Street's forecast.
Coke shares rose almost 1 per cent in premarket trading.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.80 ( -0.71)
- 44492337
- G V Films
- 0.94 (+ 9.30)
- 37404318
- Jaiprakash Power Ven
- 19.44 ( -3.38)
- 30530141
- Spicejet Ltd.
- 62.79 ( -4.25)
- 22824171
- Srestha Finvest
- 0.89 (+ 4.71)
- 21696619
MORE NEWS
RBI Deputy Governor Rajeshwar Rao Gets One-Year...
The government has extended the term of RBI Deputy Governor M Rajeshwar Rao for one...
Dev Accelerator Plans Rs 125 Cr IPO for...
Dev Accelerator Ltd, a flexible office space provider, is set to raise Rs 125 crore...
Payoneer & Tech Mahindra Partner for...
Payoneer and Tech Mahindra have partnered to optimize payment capabilities for Populii,...