The resurgent coronavirus slowed Coca-Cola’s recovery in the fourth quarter, and the company said the slump has continued into this year.
Global case volume slipped 3% for the October-December period, exceeding Wall Street projections for a decline of 2.2% decline, according to analysts polled by FactSet.
The Atlanta company has been decimated by the closure of arenas, restaurants, theatres and other public places, where it normally books about half its revenue.
Coke’s net revenue fell 5% to $8.6 billion for the fourth quarter. It was a significant improvement from the second quarter, when revenue fell 29%, and the third quarter, when revenues fell 9%.
Coke earned $1.46 billion, or 34 cents per share. That per-share number would be 47 cents if one time costs and benefits are removed, six cents better than Wall Street had projected.
Dee-Ann Durbin, The Associated Press