Coca-Cola and Comcast released their latest earnings reports before opening bell this morning. Coca-Cola posted comparable earnings of 60 cents per share on $11.54 billion in revenue. Analysts were expecting the soft drink maker to report earnings of 58 cents per share on $11.64 billion in sales. In last year’s second quarter, Coca-Cola reported $12.16 billion in revenue.
Comcast posted earnings of 83 cents per share on $19.27 billion in revenue, compared to the consensus estimates of 81 cents per share and $19 billion. In last year’s second quarter, the internet service provider reported earnings of 84 cents per share on $18.74 billion.
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Coca-Cola cuts guidance due to currencies
On a GAAP basis, Coca-Cola’s earnings rose to 79 cents per share from 71 cents. The company said unit case volume was flat with last year, as were concentrate sales and reported volume. Price per mix grew 3% in the second quarter. Currency headwinds had a negative impact of 9% during the quarter.
Coca-Cola also cut its guidance for this year. The company now expects full-year earnings to be 4% down by 4% to 7% from last year’s $2 per share in comparable earnings, citing continuing currency and structural headwinds. The beverage maker expects organic revenues to grow 3% this year.
Shares of Coca-Cola declined by as much as 1.92% to $44.02 in premarket trading following this morning’s earnings release.
Comcast said Cable Communications revenue rose 6%, while Customer Relationships grew 115,000. Revenue per Customer Relationship grew 3%, while net Video Customer losses improved to 4,000. Almost 40% of all Video customers now have the company’s X1 platform. Comcast added 220,000 High-Speed Internet Customers during the quarter, marking the best second quarter in eight years. Business services revenue grew 17% year over year.
Comcast’s Broadcast segment saw a 70.5% increase in operating cash flow as Content Licensing, Retransmission and Ad revenues all improved. Theme Parks operating cash flow grew 40.5%
Shares of Comcast increased by as much as 1.22% to $68 in premarket trading following this morning’s earnings report.