Coca-Cola toasts vintage 2019 as drinks maker beats expectations
Coca-Cola’s trademark soft drink proved its timelessness today as the firm said sales of the drink had helped it beat revenue expectations in the final quarter of 2019.
Although the firm has been putting increasing focus on expanding its range of coffees, teas and low-sugar drinks, its most famous product saw its value grow six per cent.
This was boosted by the launch of new brands such as Plus Coffee and Zero Sugar soda. Demand for the drink grew three per cent, and was apparent in all geographies.
Net revenue grew 16 per cent to $9.1bn, beating analysts’ estimate of $8.9bn for the quarter. Overall revenue for the year grew nine per cent to $37.3bn.
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“We made good progress in 2019 by delivering on our financial commitments and growing in a more sustainable way,” said James Quincey, chairman and chief executive of Coca-Cola.
“We continue to transform the organization to act with a growth mindset, which gives us confidence in our 2020 targets and our ability to create a better shared future for all of our stakeholders.”
In its forecasts for 2020, Coca-Cola said that it expected revenues to grow about five per cent, slightly down on 2019’s six per cent increase.
Shares in Coca-Cola rose about 1.5 per cent in today’s trading.