Here's what to expect from Coca-Cola earnings
The global beverage company withdrew its 2020 outlook in March.
In late February, the global beverage giant forecast that the virus will hit its first-quarter earnings by 1 cent to 2 cents. An employee works on the production line of the Swire Coca-Cola Beverages Hubei Limited on March 24, 2020 in Wuhan, Hubei province, China.on Tuesday said that the closure of movie theaters, restaurants and stadiums from the coronavirus is continuing to hurt its business, with a material impact expected on its second-quarter results.
Wall Street anticipated earnings per share of 44 cents on revenue of $8.28 billion, based on a survey of analysts by Refinitiv. However, it's difficult to compare reported earnings to analyst estimates for Coke's quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.
The company said that its full-year financial results cannot be estimated this time, citing the uncertainty around the coronavirus pandemic. The company withdrew its 2020 outlook in March. Coke previously forecast that 2020 organic revenue would grow by 5% and adjusted earnings per share would increase by 7% to $2.25.
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