Coca-Cola (NYSE:KO) earnings for the second quarter of fiscal year 2020 have KO stock rising on Tuesday. This is despite reporting revenue of $7.15 billion, which is below Wall Street’s estimate of $7.18 billion. However, the beverage company also reported adjusted earnings per share (EPS) of 42 cents while analysts were expecting adjusted per-share earnings of 40 cents for the quarter.
Additionally, the company also reported GAAP EPS of 41 cents for the period.
Now let’s see what else is worth mentioning from the most recent Coca-Cola earnings report.
- Adjusted EPS was down 33% from 63 cents during Q2 2019.
- Revenue for the quarter comes in 28% lower compared to $10 billion during the same time last year.
- Operating income of $1.98 billion is 34% worse year-over-year than $2.99 billion
- Coca-Cola’s earnings also includes a net income of $1.76 billion.
- That is 33% worse than $2.63 billion from the first quarter of 2019
James Quincey, chairman and CEO of Coca-Cola, said this about the KO stock earnings report:
“I’m proud of the people of the Coca-Cola system as we continue to adjust and accelerate our strategies in this fast-changing landscape. We believe the second quarter will prove to be the most challenging of the year; however, we still have work to do as we drive our pursuit of ‘Beverages for Life’ and meet evolving consumer needs.”
The company does not include guidance for fiscal year 2020 due to potential impacts on the business from the novel coronavirus. However, it does mention that it expects a “3% to 4% currency headwind based on the current rates and including the impact of hedged positions” for comparable net revenues. Moreover, Wall Street is calling for EPS of $1.83 on revenue of $32.6 billion for FY2020.
KO stock was up 2.9% as of Tuesday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.