February 15, 2023: -On Tuesday, Coca-Cola reported quarterly revenue that beat analysts’ expectations, driven by higher costs of its drinks.
But those higher costs have hurt demand for Coke products such as Simply Orange Juice and Fairlife Milk. Coke stated that its unit case volume, stripping out the impact of the finances and price changes, decreased by 1% in its fourth quarter.
Shares of the company increased by 1% in premarket trading.
The beverage company reported fourth-quarter net income attributable to the firm of $2.03 billion, or 47 cents for each share, down from $2.41 billion, or 56 cents for each share, a year earlier.
Excluding an impairment in charging tied to its Russian business and other items, Coke earns 45 cents per share.
Net sales increased 7% to $10.13 billion, driven by a 12% development in pricing and an expensive mix of drinks sold.
Unit case volume was lying in North America and slipped 5% in Europe, the Middle East and Africa segments. CEO James Quincey said in the previous quarter that European consumers were changing their behaviour in response to soaring inflation.
Coke’s sparkling soft drinks area and its water, sports, coffee and tea division stated that flat volume for the quarter, although there were a few bright spots. Coke Zero, Sugar’s book, climbed 9%, and its coffee business saw volume increase by 11% as the company expanded its Costa brand.
The lessened spot was Coke’s juice, value-added dairy and plant-based beverages segment, seeing its volume shrink by 7% in the quarter. The company said the break of its Russian business weighed on the division.
For 2023, Coke projects comparable earnings growth of 3% to 5% and relative earnings per share development of 4% to 5%. Wall Street was forecasting earnings growth of 3.9% and remunerations for each share growth of 3% for the year.
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