The Coca-Cola Company announces Q1 results

The Coca-Cola Company (NYSE: KO) announced the latest financial results for the first three months of 2023 before the market open in the US on Monday.

The US Beverage company posted solid results for the quarter, beating both revenue and earnings per share (EPS) estimates.

Company overview

• Founded: January 29, 1892
• Headquarters: Atlanta, Georgia, United States
• Number of employees: 79,000 (2021)
• Industry: Beverage
• Key people: James Quincey (chairman and CEO), Brian Smith (president and COO)
• Owners: Berkshire Hathaway (9.23%), The Vanguard Group (7.90%), BlackRock (6.45%)

The results

The company reported revenue of $10.959 billion vs. $10.797 billion expected. Revenues were up by 5% year-over-year.

EPS at $0.68 per share (up by 6% from the same period last year) vs. $0.646 per share estimate.

CEO commentary

”We are encouraged by our first quarter 2023 results,” James Quincey, CEO of company said in a press release.

”Our system alignment is stronger than ever, and our networked organization is allowing us to adapt as needed. We continue to invest for the long term, strengthening our capabilities to drive sustainable value for our stakeholders. We have the right portfolio, the right strategy and the right execution to deliver in the marketplace. We are confident in our ability to deliver on our 2023 objectives,” Quincey concluded.

The latest results did not have a massive impact on the share price on Monday. The stock was up by 0.41% at $64.25 per share.

Stock performance

• 1 month: +4.74%
• 3 months: +6.69%
• Year-to-date: +1.02%
• 1 year: -2.55%

The Coca-Cola Company price targets

• Barclays: $72
• Deutsche Bank: $60
• Citigroup: $68
• UBS: $72
• Morgan Stanley: $70
• Wells Fargo: $70
• Wedbush: $63
• Credit Suisse: $64
• HSBC: $76

The Coca-Cola Company is the 30^th largest company in the world with a market cap of $277.94 billion, according to CompaniesMarketCap.

You can trade The Coca-Cola Company (NYSE: KO) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

Sources: The Coca-Cola Company, TradingView, MarketWatch, MetaTrader 5, TipRanks, CompaniesMarketCap, Wikipedia