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Coca-Cola CEO Says Company Learned 'How To Adapt' During Pandemic

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Coca-Cola CEO Says Company Learned 'How To Adapt' During Pandemic

Coca-Cola Co. (NYSE: KO) CEO James Quincey appeared on CNBC’s “Squawk on the Street” Wednesday to discuss the company’s fourth-quarter earnings report, which was released before the market open. 

Coca-Coca beat the Street estimate for earnings per share, but failed to meet revenue expectations. 

EPS: 47 cents vs. expected 42 cents

Revenue: $8.6 billion vs. expected $8.63 billion

Coca-Cola was one of the many companies that was hit hard at the beginning of the coronavirus pandemic, with its stock dropping almost 40% in March 2020. 

“I think the good news from the company’s point of view is we have been able to learn through the course of this crisis how to adapt, how to be flexible.” Quincey said.

"While we were impacted mid single digits on volume in the most recent months, that’s much better than what was happening in the second quarter as we’ve adapted our strategy."

Quincey On Coming Back From Pandemic: The pandemic crisis has accelerated Coca-Cola's restructuring, as the company cut about 11% of positions during the pandemic.

Net sales also dropped 5% and missed expectations in the fourth quarter. 

Quincey told CNBC he is expecting a steady return to growth after a lengthy period of uncertainty during the pandemic.

“The vaccine is very important in terms of its influence, but there are other factors that we balance in terms of how to invest and how to drive growth for the Coca-Cola company going forward.”

 

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