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Feb. 10, 2021, 7:14 a.m. EST

Coca-Cola stock rallies after adjusted profit rises above expectations, while sales decline

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By Tomi Kilgore

Shares of Coca-Cola Co. /zigman2/quotes/209159848/composite KO +0.11% rallied 2.0% in premarket trading Wednesday, after the beverage giant reported fourth-quarter profit that beat expectations. Volume trends remained "resilient" amid uncertainty related to the COVID-19 pandemic, but the company experienced pressure in December and into the beginning of 2021 amid a resurgence in coronavirus cases. Net income fell to $1.46 billion, or 34 cents a share, from $2.04 billion, or 47 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 47 cents from 44 cents, beating the FactSet consensus of 42 cents. Revenue fell 5% to $8.61 billion, just above the FactSet consensus of $8.60 billion. Reported revenue declined in all geographic regions, with North America revenue down the least at a 1% decline and Latin America down the most with a 14% decline. For 2021, the company expects adjusted EPS growth in the high-single to low-double digits percentage ranges, while the current FactSet EPS consensus of $2.10 implies 7.7% growth. The stock has lost 7.9% over the past three months through Tuesday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.89% has gained 6.6%.

/zigman2/quotes/209159848/composite
US : U.S.: NYSE
$ 53.18
+0.06 +0.11%
Volume: 10.83M
April 9, 2021 4:00p
P/E Ratio
29.67
Dividend Yield
3.16%
Market Cap
$229.17 billion
Rev. per Employee
$411,320
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
33,800.60
+297.03 +0.89%
Volume: 317.82M
April 9, 2021 5:15p
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