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Beverage giant Coca-Cola Co (NYSE:KO) reported Tuesday morning with second quarter results that were notable for a 16% decrease in global unit case volume and a 33% decline in earnings.
Earnings came in better than expected, at 42 cents per share versus a Street estimate of 40 cents per share. Revenue of $7.2 billion beat the Street estimate of $7.18 billion.
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Key Details On Coca-Cola's Q2: Coca-Cola's $7.2 billion in sales represent a 28% decrease, representing the worst decline seen since at least 1990, CNBC's Sara Eisen reported. Organic revenue was also down 26% in the quarter.
Two key factors that drove the weakness are continued lockdowns in the second quarter along with stay-at-home orders, Coca-Cola CEO James Quincey told Eisen.
Half of Coca-Cola's business is derived from outside the home, such as at restaurants and stadiums, he said.
Volume trends sequentially improved throughout the quarter as more countries started to open up, the CEO said.
For example, Coke's July sales so far are down by a mid-single digit versus double-digit declines earlier in the second quarter.
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The Chinese market continues to show signs of bouncing back, but growth has not returned to pre-COVID-19 levels, Quincey said, adding that it's unclear if this trend will play out elsewhere in the world.
Coca-Cola Strategy Update: Coca-Cola named six initiatives and investments to better position itself moving forward, BofA Securities analyst Bryan Spillane said in a note. They are:
- Prioritizing the best-positioned brands.
- Focusing on initiatives that can be scalable regionally or globally.
- Being mindful of spending on local experimentation.
- A refreshed marketing approach.
- System-wide efficiencies to support investments.
- Investment in capabilities to take advantage of lasting shifts in consumer behavior.
Spillane maintained a Buy rating on Coca-Cola with an unchanged $53 price target.
KO Price Action: Coca-Cola shares were trading 2.82% higher at $47.42 at last check Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.