Coca-Cola reported quarterly revenue on Tuesday that beat analysts’ expectations, driven by higher prices on its beverages.
Shares of the company rose 1% in premarket trading.
Here’s what the company reported compared to what Wall Street expected, based on a poll of analysts by Refinitiv:
- Earnings per share: 45 cents adjusted versus 45 cents expected
- Revenue: $10.13 billion vs. $10.02 billion expected
The beverage giant reported net income for the company of $2.03 billion, or 47 cents per share, in the fourth quarter, down from $2.41 billion, or 56 cents per share, a year ago.
Excluding items, Coke earned 45 cents per share.
Net sales increased 7% to $10.13 billion.
Looking to 2023, Coke is forecasting comparable revenue growth of 3% to 5% and comparable earnings per share growth of 4% to 5%. Wall Street was forecasting revenue growth of 3.9% and earnings per share growth of 3% for the year.
read the Coca-Cola Earnings Report here.