Shares of Coca-Cola Co. (KO) saw a 0.4% increase in premarket trading following the company's announcement of its fourth-quarter profit. The beverage giant reported that its revenue experienced a boost from both price and volume increases.
Financial Highlights
- Net income slipped to $1.97 billion, or 46 cents a share, compared to $2.03 billion, or 47 cents a share, in the same period last year.
- Adjusted earnings per share of 49 cents matched the FactSet consensus after excluding nonrecurring items.
- Revenue grew by 7.2% to reach $10.85 billion, surpassing the FactSet consensus of $10.68 billion.
- Price and mix increased by 9%, while concentrate sales rose by 3%.
Sales Breakdown
Within concentrate sales:
- Sparkling soft drinks experienced a growth of 2%.
- Juice, dairy, and plant-based beverage sales increased by 6%.
- Water, sports, coffee, and tea sales rose by 1%.
Future Outlook
For the year 2024, Coca-Cola Co. expects adjusted EPS growth of 4% to 5%, aligning with the current FactSet consensus of $2.81, which implies a growth rate of 4.5%.
Market Performance
Over the past three months, Coca-Cola Co.'s stock has gained 4.9%, while the Dow Jones Industrial Average (DJIA) has advanced by 13%.
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