Coca-Cola earnings top estimates, despite 9% decline in revenue
A person wearing a mask pushes a dolly cart past a Coca-Cola truck as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 16, 2020 in New York City.
Alexi Rosenfeld | Getty Images
Coca-Cola on Wednesday reported that its quarterly revenue fell 9% as the coronavirus pandemic continues to weigh on demand for its drinks.
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: 55 cents, adjusted, vs. 46 cents expected
- Revenue: $8.65 billion vs. $8.36 billion expected
Coke reported third-quarter net income of $1.74 billion, or 40 cents per share, down from $2.59 billion, or 60 cents per share, a year earlier.
Excluding items, the beverage giant earned 55 cents per share, topping the 46 cents per share expected by analysts surveyed by Refinitiv.
Net sales dropped 9% to $8.65 billion, beating expectations of $8.36 billion. Organic sales fell 6%.
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