-==Coca-Cola (KO) reported earnings on Thur 22 Oct 2020 (b/o)

 

CEO James Quincy (22 Oct 2020)

Coca-Cola beats by $0.09, beats on revs; refrains from providing FY20 guidance

Reports Q3 (Sep) earnings of $0.55 per share, $0.09 better than the S&P Capital IQ Consensus of $0.46; revenues fell 9.0% to $8.65 bln vs the $8.37 bln S&P Capital IQ Consensus; Organic revenues (non-GAAP) declined 6%.

• Price/mix declined 3% for the quarter driven by negative channel and package mix due to the impact of the coronavirus pandemic.
• Unit case volume declined 4%, as continued strength in at-home channels was more than offset by coronavirus related pressure in away-from-home channels.

Since the company's last earnings update in July, global unit case volume trends have continued to improve. The pace in the third quarter was more gradual than the second quarter, and the percentage decline in global unit case volume for October month-to-date was low single digits. The company is seeing an elevated level of sales in at-home channels being more than offset by ongoing pressure in away-from-home channels, which are affected by the level of lockdown in a particular market.

The company lost value share in total nonalcoholic ready-to-drink (NARTD) beverages as an underlying share gain was more than offset by negative channel mix due to continued pressure in away-from-home channels, where the company has a strong share position.

As the coronavirus pandemic continues to evolve, there is uncertainty around its ultimate impact; therefore, the company's full year financial and operating results cannot be reasonably estimated at this time.