Coca-Cola (KO) Q1 earnings beat Wall Street estimates
The Coca-Cola (NYSE: KO) announced its quarterly earnings data on Tuesday. Coca Cola generated an adjusted EPS of 51 cents for the first quarter. The EPS was above the market expectation of 44 cents. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.32 billion.
The beverage company pointed out its global volume decline dropped 25% since the beginning of April due to the COVID-19 crisis and they expect Q2 to be most significantly impacted but has no intention of changing its dividend.
CEO James Quincey noted Coca-Cola has “been through challenging times before” and is “well-positioned to manage through and emerge stronger.”
The Coca-Cola shares opened slightly lower on Tuesday compared to the premarket 1.6% gain and the stock currently trading at $46. Coke shares have fallen 16% since the beginning of the year. Coca-Cola has a 52-week low of $36.27 and a 52-week high of $60.13.