Reuters
Published Apr 19, 2021 07:02AM ET
Updated Apr 19, 2021 07:15AM ET
(Reuters) -Coca-Cola Co trounced Wall Street estimates for quarterly revenue on Monday, fueled by strong demand for its beverages from the gradual reopening of restaurants and cinema theaters following accelerated vaccine rollouts.
Net revenue rose to $9.02 billion in the first quarter, from $8.60 billion a year earlier, above analysts' average estimate of $8.63 billion, according to IBES data from Refinitiv.
A reopening of economies and parts of the United States relaxing social distancing protocols since December provided much-needed relief for Coca-Cola (NYSE:KO), which struggled for most of last year during the pandemic-caused lockdowns.
Organic sales, which strip out acquisition and currency impacts, grew 6%.
Net income attributable to the company's shareholders fell to $2.25 billion, or 52 cents per share, from $2.78 billion, or 64 cents per share, a year earlier.
The company and Coca-Cola Beverages Africa (CCBA) also announced plans to list CCBA as a publicly traded company.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.