Coca Cola slides after issuing a disappointing growth forecast
AP Photo/Wilfredo Lee
- Coca Cola on Thursday posted in-line profits and slightly better-than-expected revenue for the fourth quarter.
- The financial results were impacted by currency headwinds and higher beverage prices as Coke battled higher import and transportation costs, the company said.
- The company also disappointed investors by providing a full-year outlook that fell short of Wall Street expectations.
- Watch Coca Cola trade live.
Coca Cola dropped 3.8% to $47.78 a share early Thursday after the company posted in-line earnings for the fourth quarter and provided a weak outlook.The company reported $0.43 adjusted earnings per share, which was in line with what analysts surveyed by Bloomberg were expecting. Coke narrowly missed on revenue, which declined 6% to $7.06 billion, while analysts were expecting $7.07 billion.Advertisement
Coke's look ahead was even less inspiring. The company said it expects full-year adjusted earnings per share could rise or fall 1% from the positive $2.08 a share figure it put forth in 2018. Analysts were expecting $2.23 per share.
The financial results were impacted by currency headwinds and its higher beverage prices as it battled higher import and transportation cost, said the Coke maker."Our results demonstrate progress in our transformation as a consumer-centric, total beverage company and the power of a more strategically aligned system," said CEO James Quincey in a press release.
He continued: "Coca-Cola has established a strong foundation to capitalize on long-term growth opportunities and drive sustained shareowner value."Coca Cola is up 5% so far this year.
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