Investing.com - Coca-Cola (NYSE:KO) shares dipped in premarket trade on Thursday, after the company reported fourth-quarter earnings hit by bottle refranchising and currency headwinds, and said it expected underlying earnings to be flat this year.
The beverage and snack giant reported earnings per share of $0.43, matching estimates, while revenue totaled $7.1 billion, just above forecasts of $7.06 billion.
The company said it expects comparable earnings from continuing operations to be flat at $2.08 per share this year, and also indicated it wouldn't be buying any stock back beyond what was needed to offset stock-based compensation plans.
Organic revenue, or sales from its core beverage business, rose 5%, led by volume growth for Diet Coke and Coca-Cola Zero Sugar.
"Our results demonstrate progress in our transformation as a consumer-centric, total beverage company and the power of a more strategically aligned system," said CEO James Quincey."
Coca-Cola's stock fell 1.7% in premarket trade to $48.90.
Coca-Cola follows other major Consumer/Non-Cyclical sector earnings this month
On February 7, Philip Morris reported fourth quarter EPS of $1.25 on revenue of $7.5B, compared to forecasts of EPS of $1.17 on revenue of $7.39B.
Altria earnings matched analysts' expectations on January 31, with fourth quarter EPS of $0.95 on revenue of $4.79B. Investing.com analysts expected EPS of $0.95 on revenue of $4.81B
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