Coca-Cola Earnings Drop as Stronger Dollar Weighs
Coca-Cola reported a stronger-than-expected 7% rise in quarterly revenue. Yet, the beverage maker’s shares fell $1.01, or 1.7%, to $59.59. Coca-Cola Co. admitted profit falling in the fourth quarter from a stronger dollar. For the current year, Coke expects sales growth to slow, with organic revenue, which strips out the effects of foreign-currency fluctuations, acquisitions and divestitures, projected to grow between 7% and 8%. That is down from 16% in 2022. The beverage giant said Tuesday its bottom line dropped to $2.03 billion, or 47 cents a share, for the three months ended Dec. 31 from $2.41 billion, or 56 cents a share, last year as input costs jumped 10% and other expenses edged higher.