The Coca-Cola Co(NYSE:KO) shares were pointing lower in pre-market as the soft drinks group’s first quarter missed Wall Street expectations.
Earnings per share was reported at 43 cents, just 1 cent less than expected.
Net revenues fell 11% in the first three months of the financial year. Nonetheless, at US$9.11bn revenue was actually better than consensus of US$8.87bn.
Quarterly profit, which was also impacted by rising costs in North American bottling operations, was reported down 20% for the quarter.
The company previously cautioned that profit would drop this year due to costs involved in refranchising the bottling business.
Kent Muhtar, Coca Cola chief executive, says the company remains on track to hit full year underlying revenue and profit targets.
Muhtar steps aside from the chief executive position in the coming days, with new boss James Quincey taking over on Monday – Muhtar to continue to be chairman.
Coca-Cola shares were down 33 cents, 0.76%, changing hands at US$42.95 each.
Story by ProactiveInvestors
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