Coca-Cola’s earnings estimates are highest regardless of a 9% drop in gross sales
A person wearing a mask pushes a dolly past a Coca-Cola truck as the city resumes Phase 4 reopening after restrictions were imposed in New York City on September 16, 2020 to contain the spread of the coronavirus slow it down.
Alexi Rosenfeld | Getty Images
Coca-Cola reported Wednesday that its quarterly sales were down 9% as the coronavirus pandemic continues to weigh on demand for its beverages.
The company’s shares rose less than 1% in premarket trading.
The company reported, relative to Wall Street expectations based on an analyst survey by Refinitiv:
- Earnings per share: 55 cents, adjusted compared to 46 cents expected
- Revenue: $ 8.65 billion versus $ 8.36 billion expected
Coke reported net income of $ 1.74 billion, or 40 cents per share, for the third quarter, up from $ 2.59 billion, or 60 cents per share, a year earlier.
Without articles, the beverage giant earned 55 cents per share, surpassing the 46 cents per share expected by the analysts surveyed by Refinitiv.
Net sales dropped 9% to $ 8.65 billion, beating expectations of $ 8.36 billion. Organic sales decreased by 6%.
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