A Coca-Cola building in Zagreb, Croatia, Nov. 8, 2023.
Denis Lovrovic | AFP | Getty Images
Coca-Cola is expected to report its first-quarter earnings before the bell Tuesday.
Here’s what Wall Street analysts surveyed by LSEG are expecting:
- Earnings per share: 70 cents expected
- Revenue: $11.01 billion expected
Coke’s rival PepsiCo reported a week ago that volume for its North American beverage business fell 5% in the first quarter. But Wall Street thinks that demand for Coke’s drinks, which include its namesake soda, Fairlife and Topo Chico, will be stronger.
However, a pullback in fast-food spending could weigh on Coke’s sales. Roughly half of the beverage giant’s revenue comes from away-from-home locations, such as sports stadiums, movie theaters and restaurants. Pepsi’s beverage business is more reliant on at-home consumption.
For 2024, Coke is forecasting organic revenue growth of 6% to 7% and a 4% to 5% increase in comparable earnings per share. The company expects foreign exchange rates will weigh on both its earnings and revenue for the full year.
Shares of Coke have fallen 3.5% over the last year, dragging the company’s market value down to $267 billion.
