Coca-Cola 1Q Profit Falls, Revenue Grows
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
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
Selling, general and administrative expenses rose to $2.67
billion from $2.65 billion.
Write to Dave Sebastian at firstname.lastname@example.org
(END) Dow Jones Newswires
April 19, 2021 07:30 ET (11:30 GMT)
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