Coca-Cola Sees Q4 Revenues Up, Targets 5% Growth In 2020
The Coca-Cola Company has reported better-than-expected quarterly sales driven by demand for its sparkling soft drinks, teas and coffees in North America and emerging markets.
The company has been pushing to launch more coffee, teas and low-sugar beverages to expand its offer of in-demand products as consumers move away from sugary drinks.
At the same time, rival PepsiCo is preparing for the launch of its own coffee-cola beverage that has double the caffeine punch as regular soda. Coca-Cola sells the product in some international markets and is yet to make a U.S. entry.
Coke sees 2020 organic revenues, a keenly watched metric that excludes currency fluctuations and acquisitions, to grow about 5%, compared with the 6% rise it reported in 2019.
For the year, Coke expects to record adjusted profit of $2.25 per share, a cent below analysts' forecast, according to IBES data from Refinitiv.
Excluding one-time items, Coca-Cola earned 44 cents per share in the fourth quarter ended December 31, meeting Wall Street expectations.
Net revenue grew 16% to $9.07 billion (€8.23 billion), beating the estimate of $8.89 billion.
Net income attributable to the company's shareholders rose to $2.04 billion, or 47 cents per share, in the fourth quarter ended December 31, from $870 million, or 20 cents per share, a year earlier.