Coca-Cola earns $ 1.182 billion in first quarter, down 20%

Drink maker Coca-Cola earned $ 1.182 billion in the first quarter of the year, down 20 percent from the same period in 2016, driven by a drop in sales that led the company to announce some 1,200 layoffs.

The company said last January it posted a net profit per share of 27 cents, compared with 34 cents in the first quarter of last year, when earnings were $ 1.483 billion.

The Atlanta multinational posted $ 9,118 million in the first three months of the year, down 11% from the same period a year ago, when its turnover was $ 10.282 billion.

“Our first quarter performance is in line with what we planned, and we are on track to meet our year-end sales and profit targets,” CEO Muhtar Kent said in announcing the accounts.

The top executive of the multinational recalled that next week he will transfer the management of the company to James Quincey, in which he said he has “full confidence” that he will be able to complete the transformation of Coca-Cola.

Later, in a meeting with analysts and investors to evaluate the results, Kent said that the company will have to reduce its workforce by 1,200 workers from the second half of the year.

The layoffs are part of a restructuring plan that has already launched Coca-Cola, which currently has more than 100,000 employees worldwide, with which it expects to save about $ 800 million.

By geographic area, Coca-Cola sales in the United States rose 1% to $ 2,394 million, but profit fell 18% to $ 473 million, while revenue in Latin America fell by 1% and earnings fell by 2% %.

In Europe it reported a 7% drop in turnover, to $ 1.632 billion and a profit decline of 7% to 885 million, while Asia and the Pacific fell sales by 2% and profits 1%.

The results did not convince analysts and Coca-Cola shares, one of the 30 components of the Dow Jones index, closed today with a fall of 0.39% on the New York Stock Exchange.

Leave a Reply

Latest

Wildfires rage in Florida Panhandle; 500 evacuated

No reports of injuries or deaths PENSACOLA, Fla.– Firefighters in the Florida Panhandle have been battling wildfires that forced some 1,600 people to evacuate from...

The OECD forecasts that China will account for 27% of world production by 2030

 Beijing, - The Chinese economy will continue to grow at a strong pace, despite the signs of slowdown, and will account for 27 percent...

Alfa Romeo to market in the US The SUV Stelvio SUV in September

Alfa Romeo announced today that its first SUV, called Stelvio, will have a US $ 41,995 price for its most basic model when it...

Ivanka Trump declares before the Prosecutor’s Office for the payments to the Trump Hotel at the president’s inauguration

Ivanka Trump, daughter and adviser to the president of the United States, has testified before the Attorney General's Office in Washington D.C. in the...

Sony unveils the PlayStation 5 logo

Sony has unveiled in Las Vegas, within the framework of CES 2020, the logo of its next-generation video game console, PlayStation 5, which follows...
%d bloggers like this: