Coca-Cola 2Q 2017 earnings and Hershey 2Q 2017 earnings were released before opening bell this morning. Coca-Cola reported non-GAAP earnings of 59 cents per share on $9.7 billion in net revenue, compared to the consensus estimates of 57 cents per share and $9.65 billion in sales. In last year’s second quarter, the soda maker reported $11.54 billion in revenue.
Hershey reported adjusted earnings of $1.09 per share on $1.66 billion in sales, compared to the consensus estimates of 90 cents per share and $1.7 in revenue. In last year’s second quarter, the chocolate maker reported $1.6 billion in revenue.
Coca-Cola 2Q 2017 earnings
On a GAAP basis, Coca-Cola 2Q 2017 earnings fell to 32 cents per share from 79 cents in last year’s second quarter. The company said bottling divestures and currency exchange rates contributed to its year-over-year revenue decline. Organic revenue grew on the back of higher sales of sparkling soft drinks and balanced performance from the company’s other categories.
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Total unit case volume remained even as four of the five category clusters saw positive performances. Coca-Cola also gained volume share in nonalcoholic ready-to-drink beverages and value share in sparkling soft drinks, juice, dairy and plant-based beverages, and tea and coffee.
The beverage maker expects full-year adjusted earnings to be flat to down 2% year over year, compared to the consensus estimate of $1.88 per share, which implies a year-over-year decline of 1.6%. However, Coca-Cola’s outlook has improved, as it had previously guided for adjusted earnings to be down by 1% to 3% year over year. The beverage maker cited diminishing currency headwinds for its improved non-GAAP earnings outlook.
After Coca-Cola 2Q 2017 earnings were released, the company’s stock was little changed in premarket trading as it ticked lower by 0.31% to $45.38.
Hershey 2Q 2017 earnings
On a GAAP basis, Hershey 2Q 2017 earnings rose to 95 cents per share from 68 cents per share in last year’s second quarter. North America net sales rose 2.2% year over year to $1.48 billion, while International and Other net sales fell 3.6% to $186 million.
Hershey expects its full-year net sales to grow by about 1%, which includes currency headwinds amounted to about 0.25 points. The company expects GAAP earnings to be between $3.41 and $3.60 per share and adjusted earnings to be toward the high end of $4.72 to $4.81 per share.
After the Hershey 2Q 2017 earnings report, the chocolate maker’s stock ticked lower by 0.24% to $107.70 in premarket trading.