[ad_1]
Coca-Cola sales rebounded in the first three months of the year, as vaccinations against Covid-19 and reduced restrictions on restaurants and bars sparked demand for soft drinks.
The results released on Monday showed that volume trends steadily improved each month in the first quarter. In March, the volume of unitary cases had returned to the levels last seen in 2019.
James Quincey, chief executive, said he was especially excited by the company’s performance in markets where vaccine availability was increasing and economies were reopening.
Coca-Cola generated net income of $ 9 billion during the period, a 5% year-over-year increase and better than analysts ’average estimate of about $ 8.6 billion. Sales increased 6% on an organic basis.
The results increased Coca-Cola shares by more than 1% in pre-market trading.
Net sales had fallen 11% in 2020, weighed down by the closure of restaurants, bars, cinemas and other venues that typically account for about half of Coca-Cola’s annual revenue.
While beverages consumed at home continued to support the company’s first-quarter results, Coca-Cola expects the reopening of the hospitality sector to fuel this year’s recovery.
The company on Monday reaffirmed its forecast that organic sales would rise a high one-digit percentage in 2021.
“We are pleased with the progress we are making,” Quincey said in a statement.
Net income for the first quarter fell 19 percent year-over-year to $ 2.25 million, or 52 cents a share. Coca-Cola gained 55 cents a share of tight stock, surpassing a 50-cent consensus forecast.
The company also announced plans for Coca-Cola Beverages Africa to be listed as a publicly traded company. Coca-Cola intends to sell a portion of its shares to CCBA through an initial public offering.
[ad_2]
Source link
