Business
Coca-Cola beats expectations, outlines impact of Russia business suspension
Coca-Cola Co. posted first-quarter net income totalling $2.781 billion, or 64 cents per share, up from $2.245 billion, or 52 cents per share, last year. Revenue of $10.491 billion was up from $9.020 billion last year. The FactSet consensus was for EPS of 58 cents and revenue of $9.832 billion. Sparkling soft drinks were up 7%; juice, nutrition, plant-based beverages and dairy were up 12%; and hydration, sports, coffee and tea were up 10%.
Coca-Cola net revenue has been impacted by 1% to 2% by the company’s decision to suspend business in Russia on March 8. There’s been an adjusted EPS impact of 4 cents. For the full year, Coca-Cola continues to guide for organic revenue growth of 7% to 8% and adjusted EPS growth of 5% to 6%. For the second quarter, the beverage giant expects a 4% currency headwind to impact adjusted EPS. Coca-Cola stock was nearly unchanged in Monday premarket trading. The stock has advanced nearly 20% over the past year while the Dow Jones Industrial Average is down 0.7%. MW
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