Coca-Cola and Eli Lilly released their first quarter earnings reports before opening bell this morning. Coca-Cola reported adjusted earnings of 43 cents per share on $9.1 billion in revenue, compared to the analyst estimates of 44 cents per share and $8.9 billion in revenue.
Eli Lilly posted adjusted earnings of 98 cents per share on $5.23 billion in revenue, compared to the analyst estimates of 96 cents per share and $5.3 billion in revenue. In the same quarter a year ago, the drug maker posted 83 cents per share on $4.87 billion in revenue.
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Coca-Cola’s earnings fall
Coca-Cola posted net earnings of 27 cents per share, compared to 34 cents per share a year ago. The company said refranchising its bottling operations in North America weighed on its net revenues by 10%, while non-GAAP revenues were flat year over year, including the impact of two fewer days in the reporting period and the late timing of Easter.
Price per mix grew 3% as all operating segments contributed, while concentrate sales fell 3% year over year. Management estimates that the two fewer days had about a 2-point drag on the company’s non-GAAP revenue growth. Total unit case volume was even as value share growth outpaced volume sare in total nonalcoholic ready-to-drink beverages.
Coca-Cola expects full-year adjusted earnings to fall by 1% to 3% year over year off of last year’s $1.91 per share. The company expects about a 3% increase in non-GAAP revenues and a 1% to 2% headwind on net revenues from currency exchange.
Shares of Coca-Cola edged upward by as much as 0.28% to $43.40 in premarket trades this morning.
Eli Lilly swings to a loss
Eli Lilly reported a net loss of 10 cents per share, compared to profits of 41 cents per share in last year’s first quarter. The loss was due to the acquisition of CoLucid Pharmaceuticals. The company said a 9% increase in pharmaceutical volume growth from Trulicity, Taltz and other new drugs drove the year over year revenue increase. Trulicity sales grew 160%, while Basaglar sales increased 321% and Portrazza sales grew 108% year over year. Among the drug maker’s more established pharmaceutical products, Humalog sales grew 17% year over year, while Zyprexa sales plunged 31% and Alimta sales fell 12%.
Eli Lilly now expects full-year net earnings of $2.60 to $2.70 per share and continues to expect full-year adjusted earnings of $4.05 to $4.15 per share.
Shares of Eli Lilly were little changed in premarket trades this morning, ticking lower by 0.26% to $83.20.