Coca-Cola (NYSE:KO) on Thursday reported quarterly revenue that topped analysts’ expectations as new products under its namesake brand boosted sales.
The beverage giant reported fiscal fourth-quarter net income of $2.07 billion, or 47 cents per share, up from $870 million, or 20 cents per share, a year earlier.
Excluding impairment charges, re-franchising gains and other items, Coke earned 44 cents per share, meeting expectations of analysts.
Net sales rose 16% to $9.07 billion, topping expectations of $8.89 billion. New products, such as Coke Plus Coffee and the expansion of Coke Zero Sugar, lifted sales during the quarter. As U.S. consumption of soda has fallen, the company has used its namesake soda brand to create healthier options and branch out into new categories. Tea and coffee boosted its sales.
Coke also benefited from an extra day in the quarter and more customers buying higher priced products.
Global organic revenues rose 7% during the quarter. North American unit case volume, which strip out the impact of currency, were flat for the quarter.
Much of the corporation’s strength lies in foreign sales. Volume in its Europe, Middle East and Africa segment climbed 4%, driven by growth in Nigeria, North Africa, Turkey and central and Eastern Europe.
In 2020, Coke estimates organic revenue will grow by 5% and adjusted earnings per share will increase by 7% to $2.25. Its earnings outlook falls one cent below average analysts’ estimates of $2.26 a share for fiscal 2020.
Shares in KO sprouted $1.28, or 2.3%, to $58.29
