Coca-Cola Reports Falling Revenue, Citing Challenges in Latin America
Feb, 09th 12:59
Shares of Coca-Cola Co. lost nearly 0.5% in premarket trade on Thursday, after the multinational beverage corporation reported disappointing fourth-quarter earnings and forecast a downbeat outlook for this year.
The beverage giant posted earnings for the quarter to December of $550 million, or 13 cents a share, from $1.24 billion, or 28 cents a share, in the same period a year ago. Adjusted for non-recurring items, earnings came to 37 cents, matching analysts’ forecast.
However, the company said revenue fell 6% during the quarter, down to $9.4 billion from $10.0 billion last year. Declines in Latin America overweighed growth in developed markets, sending total unit case volume declines 1% for the quarter.
For 2017, Coke expects adjusted EPS to decline 1% to 4% from $1.91 in 2016, falling short of economists’ consensus of an increase to $1.95.
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