Soft drink giant The Coca-Cola Company (NYSE: KO) reported an increase in adjusted earnings for the fourth quarter of 2023. Earnings matched analysts’ estimates, while revenues beat.
Earnings, adjusted for special items, advanced to $0.49 per share in the December quarter from $0.45 per share a year earlier and matched expectations. Net income attributable to shareowners, on an unadjusted basis, declined modestly to $1.97 billion or $0.46 per share in Q4 from $2.03 billion or $0.47 per share in the year-ago period.
The increase in adjusted profit reflects a 7% growth in revenues to $10.85 billion. Analysts were looking for a smaller top-line growth.
“As we begin a new year, we’re confident that our all-weather strategy, powerful portfolio, and harmonized system will continue to create value for our stakeholders in 2024 and for the long term,” said Coca-Cola’s CEO James Quincey.