Coca-Cola Co.’s stock fell Tuesday along with the broader equities market after the soft-drink maker said its fourth-quarter profit fell 16%, although it topped revenue expectations and provided an upbeat profit growth outlook.
For 2023, the company said it expects adjusted EPS growth of 4% to 5%. The current FactSet EPS consensus of $2.55 implies 2.8% growth.
Coca-Cola KO, -1.36% said its fourth-quarter net income fell to $2.03 billion, or 47 cents a share, from $2.41 billion, or 56 cents a share, in the year-ago period.
Excluding nonrecurring items, adjusted earnings per share of 45 cents matched year-ago results and the FactSet consensus.
Fourth-quarter revenue increased by 7% to $10.13 billion, ahead of the FactSet consensus of $10 billion.
“Organic revenue performance was strong across operating segments and included 12% growth in price/mix and 2% growth in concentrate sales,” the company said.