This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Shares in us beverage giant Coca Cola are trading a little lower pre-market on Friday following a disappointing earnings call yesterday. The beverage-marker reported third-quarter earnings per share of $0.40, undershooting estimates for a $0.46 EPS.
Despite the miss on headline earnings, revenues were above expectations at $8.65 billion. This beat estimates of an $8.36 billion result. However, even at this level, revenues were down 9% on the same period last year.
Organic Sales Drop
Looking at the breakdown of the data, organic sales fell 6% year on year. Unit case volume, which is a measure of demand that strips out pricing impact/currency impact, was lower by 4%.
Indeed, all four categories of the company’s drinks reported a falling unit case volume. Of these, the least affected was sparkling soft drinks which noted only a 1% decline.
Tea and Coffee Hit Hardest
Of the company’s four drinks categories, tea and coffee were the worst hit, falling by 15% over the quarter. Just behind the...
To keep reading this article, please navigate to: Orbex Forex Trading Blog.