Jim Cramer: The Biggest Problem With Coca-Cola is COVID-19
Let's take a look at Coca-Cola.
The company reported stronger-than-expected first-quarter earnings Tuesday but pulled its full-year profit guidance as the impact of sports and stadium closures from the coronavirus pandemic hits near-term sales prospects.
Coca-Cola said adjusted earnings for the three months ending in March came in at 51 cents per share, up 3 cents from the same period last year and 7 cents ahead of the Street consensus forecast. Group revenues, Coca-Cola said, rose 7.2% to $8.6 billion, firmly ahead of analysts' estimates of $8.3 billion.
"Our approach to navigating the pandemic is grounded in our company’s purpose, which ensures that we continuously strive to make a difference for people in the communities we serve around the world," said CEO James Quincey. "We’ve been through challenging times before as a company, and we believe we're well-positioned to manage through and emerge stronger."
Watch the full video above for Jim Cramer's full take on Coca-Cola after earnings.
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