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Coca-Cola stock jumps after earnings beat estimates

CNBC logo CNBC 4/23/2019 Amelia Lucas

    Coca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts' expectations.

    Shares of the company rose nearly 3% in morning trading.

    Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

    • Earnings per share: 48 cents, adjusted, vs. 46 cents expected
    • Revenue: $8.02 billion vs. $7.88 billion expected

    The beverage giant reported fiscal first-quarter net income of $1.68 billion, or 39 cents per share, up from $1.33 billion, or 32 cents per share, a year earlier.

    From continuing operations, the Atlanta-based company earned 48 cents per share, topping the 46 cents per share expected by analysts surveyed by Refinitiv.

    Net sales rose 5% to $8.02 billion, beating expectations of $7.88 billion.

    After the company told investors last quarter that its 2019 earnings could decline by as much as 1%, its stock had its worst day in more than a decade. CEO James Quincey attributed the gloomy outlook to currency fluctuations, Fed rate hikes and changing tax rates.

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