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Baystreet Staf - Tuesday, February 13, 2024
Coca-Cola Posts Mixed Earnings Due To Lower Sales Volumes
Coca-Cola (KO) has reported mixed fourth-quarter financial results due to a sales volume decline in North America.
The Atlanta-based beverage giant reported earnings per share (EPS) of $0.49 U.S., which matched Wall Street forecasts.
Revenue for the final quarter of last year came in at $10.85 billion U.S., which topped expectations of $10.68 billion U.S. Sales were up 7% from a year earlier.
Coca-Cola said in its earnings release that higher prices helped it to largely overcome a 1% sales volume decline in the U.S., Canada, and Mexico.
The company said sales of its water, sports drinks, and coffee all fell in North America during the quarter.
Looking ahead, Coca-Cola said that it expects a 4% headwind from currency exchange rates on its revenue in the current first quarter of 2024.
The company added that it expects foreign exchange rates will weigh on both its earnings and revenue for all of this year.
The stock of Coca-Cola has declined 2% in the last 12 months to trade at $59.70 U.S. per share.
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