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The Coca-Cola Co (NYSE: KO) released its Q2 earnings results on Wednesday morning. Revenues came in below Wall Street consensus expectations. Additionally, the company revealed a number of deals that continue its progress in reshaping its North American bottling system.
The soft drink giant reported adjusted earnings per share of $0.60 and revenues of $11.6 billion. Analysts had EPS estimates of $0.58 and a revenue consensus of $11.71 billion. On a GAAP, basis, the company reported year-over-year growth in earnings to $0.79 a share. Despite mixed results, Coke-Cola proved weaker on year-over-year adjusted earnings per share metrics of $0.63 on revenues of $12.16 billion recorded last year.
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Many experts feared headwinds from sugar-avoiding, consumer demand shifts would negatively affect Coke's revenues. Coca-Cola's earnings report confirmed this in revenue miss.
Chairman and CEO, Muhtar Kent, said, "Despite challenging macroeconomic conditions, structural changes and foreign exchange headwinds which contributed to a 5% decline in reported revenues, we delivered 3% organic revenue growth, gained value share in total nonalcoholic ready-to-drink beverages, expanded our operating margins and grew profits in line with our expectations."
Moving ahead, Coca-Cola expects full-year comparable EPS to drop 4 to 7 percent from the last year's EPS of $2.00. Analysts are looking for EPS of $1.94.
At time of writing, Coca-Cola traded at down $0.59 or 1.3 percent in Wednesday's pre-market.
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