Coca-Cola reports better-than-expected earnings, revenue
Shares of Coca-Cola Co. KO, -3.18% rose 1.6% in premarket trading Tuesday, after the beverage giant reported first-quarter profit and revenue that beat expectations, as pantry loading earlier in the quarter helped offset substantial declines in its away-from-home channels given the COVID-19 pandemic. Net income rose to $2.78 billion, or 64 cents a share, from $1.68 billion, or 39 cents a share, in the year-ago period.
Unit case growth volume grew 3% through the end of February, but ended up down 1% for the quarter as with"solid" growth in North America more than offset by weakness in Asia/Pacific. Volumes have dropped 25% since the beginning of April. Sparking drinks case volume fell 2%; water, enhanced water and sports drinks grew 2%; juice, dairy and plant-based beverages declined 6% and tea and coffee fell 6%.
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