By Dave Sebastian

 

Coca-Cola Co.'s profit for the first three months of the year fell as the company continued to face pressure in away-from-home sales despite strength in at-home consumption.

The soda giant on Monday posted a profit of $2.25 billion, compared with $2.78 billion in the same period last year. Earnings were 52 cents a share, compared with 64 cents a share in the prior year.

Adjusted earnings were 55 cents a share. Analysts polled by FactSet were expecting 50 cents a share.

Net revenue rose 5% to $9.02 billion, driven by a 5% growth in concentrate sales. Analysts were looking for $8.68 billion. Organic revenue grew 6%.

The company's unit-case volume, or the number of 24 8-ounce servings of finished beverages sold, was flat for the quarter.

"The company lost value share in total nonalcoholic ready-to-drink beverages as an underlying share gain in both at-home and away-from-home channels was more than offset by negative channel mix due to continued pressure in away-from-home channels, where the company has a strong share position," Coca-Cola said.

Selling, general and administrative expenses rose to $2.67 billion from $2.65 billion.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

April 19, 2021 07:30 ET (11:30 GMT)

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