Coca-Cola's Earnings Top Estimates

The company also reiterates its full-year guidance.

Author:: TSC Staff
Publish date:: Apr 16, 2002 8:02 AM EDT

Coca-Cola's

first quarter earnings were slightly higher than analysts' forecast and the company reiterated its full-year guidance. An accounting charge knocked bottom-line results down to a loss of 5 cents a share.

On a currency-neutral basis before items, the softdrink giant earned 40 cents a share on revenues of $4.08 billion, compared with earnings of 36 cents a share on revenues of $3.96 billion last year. Analysts surveyed by First Call were expecting earnings of 38 cents a share on revenues of $4.00 billion.

Worldwide unit case volume rose more than 5% in the latest quarter, with growth exceeding 5% in international operations. In North America, case volume rose by 5%. The company said macroeconomic conditions in Latin America "affected important markets in the region."

Coca-Cola said that while it expects a "difficult economic environment" to continue in many regions, its outlook for full year volume remains unchanged and it remains comfortable with the range of analysts' earnings estimates for the full year. According to FirstCall, analysts on average are expecting earnings of $1.78 a share.