The Coca-Cola Co, Abbott Laboratories Top EPS Estimates

0
The Coca-Cola Co, Abbott Laboratories Top EPS Estimates

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.

Star hedge fund macro trader Colin Lancaster warns: Inflation is back

InvestorsTalk of inflation has been swirling for some time amid all the stimulus that's been pouring into the market and the soaring debt levels in the U.S. The Federal Reserve has said that any inflation that does occur will be temporary, but one hedge fund macro trader says there are plenty of reasons not to Read More


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.

No posts to display