Coca-Cola beat first quarter earnings expectations. The beverage maker, however, pulled its full-year profit guidance as coronavirus crisis weighs on near-term sales prospects.
Coca-Cola’s adjusted earnings for the three months ending in March came in at 51 cents per share, 7 cents ahead of the Street consensus forecast.. The figure also represents +3 cents increase from the year-ago quarter.
Revenues increased +7.2% year-over-year to $8.6 billion, exceeding analysts' estimates of $8.3 billion.
Coca-Cola expects declines in its 'away-from-home' sales segment, which partly consists of bulk sales at sporting and entertainment events, will offset gains from consumers adding to their personal storage. This in turn would likely have a significant impact on second quarter earnings, according to the company. But it projects a solid recovery in the second half.