By Iain Gilbert
Date: Tuesday 23 Apr 2019
LONDON (ShareCast) - (Sharecast News) - First quarter revenues at soft drinks giant Coca-Cola came in ahead of estimates from analysts on the Street as sales of its water, sports drinks and its zero sugar beverages surged.
The company grew its topline by 5% year-on-year to $8.02bn, coming in well ahead of consensus estimates for $7.88bn, as distributors increased their inventory levels in order to hedge against Brexit-related uncertainties.
Organic sales meanwhile rose by 6%.
Unit case volumes grew 2% globally, boosted by a solid performance in key markets across Asia and Europe. North American unit case volumes declined by 1%, even as net sales for the region rose by 1%.
Coca-Cola recorded net income of $1.68bn for the three months ended 29 March, or $0.39 on a per share basis, up from the $0.32 reported a year earlier.
Chief executive James Quincey said: "We're encouraged by our first quarter results as our disciplined growth strategies continue to deliver strong underlying performance."
Coca-Cola also wrapped up its $5.1bn acquisition of British coffee chain Costa during the quarter.
As of 1310 BST, Coca-Cola shares had fizzed up 3.27% in pre-market trading to trade at $48.95 each.
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Currency | US Dollars |
Share Price | $ 62.93 |
Change Today | $ 0.96 |
% Change | 1.55 % |
52 Week High | $63.58 |
52 Week Low | $52.38 |
Volume | 19,816,630 |
Shares Issued | 4.31m |
Market Cap | $271.10m |
RiskGrade | 95 |
Strong Buy | 6 |
Buy | 11 |
Neutral | 7 |
Sell | 0 |
Strong Sell | 0 |
Total | 24 |
Time | Volume / Share Price |
16:00 | 6,698,844 @ $62.93 |
15:59 | 100 @ $62.98 |
15:59 | 100 @ $62.98 |
15:59 | 100 @ $62.97 |
15:59 | 100 @ $62.97 |
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