Coca-Cola Co. (NYSE: KO) reported its financial results for the fiscal first quarter on Monday that topped analysts’ estimates for earnings and revenue, despite the COVID-19 disruptions.
Coca-Cola shares were reported about 1% up in premarket trading on Monday. Including the price action, the stock is now exchanging hands at £38.90 per share after recovering from a year-to-date low of £34.55 per share in the last week of January. In comparison, the NYSE-listed company had started the year 2021 at £37.86 per share.
Coca-Cola Q1 financial results versus analysts’ estimates
Coca-Cola said that its net income in the first quarter printed at £1.61 billion that translates to 37.31 pence per share. In the same quarter last year, its net income was stood at a higher £1.99 billion, or 45.92 pence per share. In the prior quarter (Q4), Coca-Cola’s net income was recorded at £1.06 billion.
On an adjusted basis, the beverage giant earned 39.46 pence per share in Q1. Coca-Cola generated £6.47 billion of revenue in the recent quarter, compared to £6.17 billion last year. According to FactSet, experts had forecast the company to post £6.23 billion of revenue in the first quarter. Their estimate for adjusted per-share earnings was capped at a lower 35.87 pence.
Chief Executive James Quincey commented on the earnings report on Monday and said:
“We are encouraged by improvements in our business, especially in markets where vaccine availability is increasing, and economies are opening up, and we remain confident in our full-year guidance.”
In separate news from the United States, Herman Miller said on Monday it will acquire furniture and accessories firm Knoll for £1.29 billion in cash and stock.
