4/21, 11:57 AM (Source: TeleTrader)
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Coca-Cola reports revenue of $8.6B in Q1

The Coca-Cola Company said on Tuesday its revenue in the first quarter of 2020 stood at $8.6 billion, declining 1% compared to the same period a year ago but still above market estimates.

Diluted earnings per share (EPS) soared 65% year on year to $0.64 and net income amounted to $2.8 billion. Meanwhile, adjusted EPS were up 8% to $0.51.

Reflecting on the coronavirus pandemic, CEO James Quincey noted Coca-Cola has "been through challenging times before" and is "well positioned to manage through and emerge stronger." However, the company pointed out its global volume decline dropped 25% since the beginning of April due to the COVID-19 crisis.

Coca-Cola shares gained 1.6% in premarket trading on better-than-expected results.

Breaking the News / NP