Coca-Cola and Abbott Labor released their latest earnings reports before opening bell this morning. Coca-Cola posted adjusted earnings of 45 cents per share, which was a penny ahead of consensus, and $10.28 billion in revenue, compared to the consensus of $10.29 billion. In last year’s first quarter, the company recorded revenue of $10.71 billion.
Abbott Laboratories reported adjusted earnings of 41 cents per share and $4.9 billion in revenue. Analysts had been expecting earnings of 39 cents per share and $4.78 billion in revenue.
Coca-Cola shares drop
Coca-Cola’s reported earnings edged lower from 35 cents last year to 34 cents in this year’s first quarter. The beverage maker’s reported net revenue fell 4% but organic revenue increased 2%. Global volumes increased 2% while price per mix grew 1% as segment mix partially offset solid pricing. Coca-Cola grew its value share in nonalcoholic ready-to-drink beverages during the quarter as well. Sparkling beverage sales were flat year over year, while still-beverage sales grew 7%.
Management expects full-year organic revenue to grow by 4% to 5% and comparable currency neutral income before taxes to increase by 6% to 8%. They expect currencies to have an eight- to nine-point negative impact on this year’s results, including a two- to three-point headwind on the second quarter’s net revenues and 11 points on comparable pre-tax income.
Shares of Coca-Cola slipped by 2.34% to $45.52 in premarket trading this morning.
Abbott Laboratories raises guidance
Abbott Laboratories’ GAAP earnings were 4 cents per share. Total global sales increased 5.1% on an operational basis but declined 0.2% on a reported basis. Nutrition sales grew 4.3% on an operational basis to $1.7 billion, while Diagnostics sales increased 6.9% to $1.1 billion. Pharmaceuticals sales grew 11% to $888 million, while Devices sales increased 0.5% to $1.2 billion.
Management also boosted their guidance for the year. They now expect earnings of $2.14 to $2.24 per share, compared to their previous outlook of $2.10 to $2.10 per share and the consensus at $2.16 per share.
Shares of Abbott Laboratories surged in premarket trading, climbing 4.56% to $45.85.