Coca-Cola earnings fall 33%, but company sees improving demand as lockdowns ease

Coca-Cola on Tuesday reported quarterly adjusted earnings per share that fell 33% from the year-ago period, but the company sees demand improving as global lockdowns ease.

Shares of the company rose less than 1% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: 42 cents, adjusted, vs. 40 cents expected
• Revenue: $7.2 billion vs. $7.2 billion expected

Coke reported fiscal second-quarter net income of $1.78 billion, or 41 cents per share, down from $2.61 billion, or 61 cents per share, a year earlier.

Excluding items, the beverage giant earned 42 cents per share, topping the 40 cents per share expected by analysts surveyed by Refinitiv.

Net sales dropped 28% to $7.2 billion, meeting expectations.

This story is developing. Please check back for updates.