Shares of Coca-Cola Co.
KO,
edged up 0.4% in premarket trading after the beverage giant reported fourth-quarter profit that was in line with expectations, while revenue got a boost from increases in both price and volume. Net income slipped to $1.97 billion, or 46 cents a share, from $2.03 billion, or 47 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 49 cents matched the FactSet consensus. Revenue grew 7.2% to $10.85 billion, to beat the FactSet consensus of $10.68 billion, as price and mix increased 9% and concentrate sales rose 3%. Within concentrate sales, sparkling soft drinks grew 2%, juice, dairy and plant-based beverage sales increased 6% and water, sports, coffee and tea sales rose 1%. For 2024, the company expects adjusted EPS growth of 4% to 5%, while the current FactSet consensus of $2.81 implies 4.5% growth. The stock has gained 4.9% over the past three months through Monday while the Dow Jones Industrial Average
DJIA,
has advanced 13%.
