Coca-Cola Reports Fourth Quarter Earnings on Thursday
Feb 10, 2022 By MarketDepth
Coca-Cola (NYSE: KO), reported fourth-quarter earnings on Thursday, ultimately beating analysts estimates. The positive results come as consumers drank more of the company’s beverages away from home, surpassing pre-pandemic levels for the first time. Shares were up over 1% during premarket trading.
Higher than Expected
The American multinational beverage corporation reported earnings of USD0.45 per share, compared to the expected USD0.41 a share. Revenue amounted to USD9.46 Billion, higher than analysts anticipated USD8.96 Billion.
“In 2021, our system demonstrated resilience and flexibility by successfully navigating through another year of uncertainty. We focused on our key strategies and emerged stronger. We are confident that progress on our strategic transformation has made us a nimbler total beverage company. While the environment remains dynamic, we will build on the momentum from 2021 to drive topline growth and maximize returns.”James Quincey, Chairman and CEO of The Coca-Cola Company
Nevertheless, the company disclosed a disappointing outlook, as they believe that rising inflation will continue to negatively affect its profits within 2022. Competitor Pepsi also cautioned its investors of rising costs for both packaging and transportation.
Shares Up in 2022
Coke shares have risen 3.1% since the start of 2022 and has a current market cap of USD268.06 Billion.