Coca-Cola beats revenue mark and provides upbeat outlook, stock rises

Coca-Cola Co.
KO,
+1.64%
stock rose 0.9% in premarket trades after the soft drinks maker topped revenue expectations and provided an upbeat profit growth outlook. Coca-Cola said its fourth-quarter net income fell to $2.03 billion, or 47 cents a share, from $2.41 billion, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 45 cents matched year-ago results and the FactSet consensus. Fourth-quarter revenue increased by 7.0% to $10.13 billion, ahead of the FactSet consensus of $10.00 billion. “Organic revenue performance was strong across operating segments and included 12% growth in price/mix and 2% growth in concentrate sales,” the company said. For 2023, the company expects adjusted EPS growth of 4% to 5%, while the current FactSet EPS consensus of $2.55 implies 2.8% growth. The stock has slipped 0.2% over the past three months through Monday, while the Dow Jones Industrial Average
DJIA,
+1.11%
has gained 2.1%.