Shares of Coca-Cola Company (NYSE: KO) gained in pre-market trading on Tuesday after the beverage giant reported Q4 adjusted earnings of $0.45 per share, in line with estimates.
Revenues increased by 7% year-over-year to $10.1 billion in Q4, beating analysts’ expectations by $180 million. However, unit case volume declined by 1% in Q4.
Looking forward, management now expects its organic revenues in FY23 to grow in the range of 7% to 8%. Comparable adjusted FY23 EPS is projected to increase between 4% and 5% year-over-year.
When it comes to commodity prices, KO has projected them to “be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP) based on the current rates and including the impact of hedged positions.”
Overall, Wall Street analysts are bullish about KO stock with a Strong Buy consensus rating based on five Buys and one Hold.
