Coca-Cola and Comcast released their latest quarterly earnings reports before opening bell this morning. Coca-Cola reported adjusted earnings of 49 cents per share on $10.6 billion in revenue, which was a 7% year over year decline. Organic revenues grew 3% year over year. Analysts had been looking for 48 cents per share in earnings and $10.5 billion in sales.
Comcast reported 92 cents per share in earnings on $21.32 billion in revenue. Analysts had been expecting 91 cents per share in earnings and $21.16 billion in revenue. In last year’s third quarter, the cable TV and internet service provider reported $18.67 billion in revenue and 80 cents per share in earnings.
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Coca-Cola shares rise on earnings
Coca-Cola’s GAAP earnings declined to 24 cents per share from 33 cents per share last year. The company said it saw a 2% increase in unit case volume and that it gained global volume and value share in nonalcoholic ready-to-drink beverages with value share growing ahead of volume share. Sparkling beverage unit case volume was flat year over year as a 2% decline in Latin America offset growth in the other three regions. Coca-Cola’s still beverage unit case volume increased 3% as water and sports drinks boosted the segment.
The beverage maker continues to expect full-year adjusted earnings to decline by 4% to 7% on last year’s $2 per share.
Shares of Coca-Cola rose by as much as 1.32% to $43.10 in premarket trades this morning.
Comcast’s profits rise on Rio Olympics
Comcast’s Cable Communications revenue grew 6.9% in the quarter as the company added 216,000 customer relationships. Total revenue per relationship grew 3.6%. Comcast added 32,000 video customers, marking the best third quarter in a decade. Almost 45% of residential video customers have the X1 platform. The company added 330,000 high speed internet customers, which was the best third quarter in seven years. Business services revenue grew 15.5%.
NBCUniversal revenue grew 28.3% as the Rio Olympics drove a surge in broadcast operating cash flow, which more than doubled in the quarter. Cable networks revenue grew 22% year over year to $2.9 billion, while broadcast TV revenue surged 56.6% to $3.1 billion. Theme parks revenue rose 60.6% to $1.4 billion.
Shares of Comcast edged upward by as much as 0.74% to $65