Coca-Cola (KO) and Abbott Laboratories (ABT) released their latest earnings reports before opening bell this morning. Coca-Cola posted adjusted earnings of 63 cents per share and revenue of $12.2 billion, a decline from last year's $12.6 billion. Analysts had been expecting earnings of 60 cents per share and $12.1 billion in revenue.
Abbott Laboratories posted earnings of 52 cents per share on revenue of $5.2 billion. Analysts had been expecting earnings of 50 cents per share on $5.15 billion in revenue. GAAP earnings were also 52 cents per share.
Key metrics from Coca-Cola's earnings report
Coca-Cola's reported earnings were 71 cents per share compared to last year's 58 cents. Unit case volume increased 2%, and the company said it gained value and volume share in nonalcoholic ready-to-drink beverages. Coca-Cola recorded a 1% increase in sparkling beverages units and a 5% increase in still beverages. Reported volume of concentrate sales increased 3%, and price per mix grew 1%.
The company reported a headwind of 11 points on operating income and 6 points on income before taxes and earnings per share due to currencies.
As of this writing, shares of Coca-Cola were up 0.8% at $41.55 per share.
Key metrics from Abbott Laboratories
Abbott Laboratories recorded a 6.3% operational increase in Nutrition sales, which rose to $1.7 billion, including $988 million internationally and $729 million in U.S. sales. The Diagnostics division recorded a 9% operational increase in sales to $1.8 billion, including $350 million in U.S. sales and $827 million in international sales. The Established Pharmaceuticals business saw a 46% operational increase in sales, bringing the segment's revenue to $977 million. Abbott's Medical Devices business saw a 3.1% operational increase, bringing sales for the division to $1.3 billion, including $505 million in the U.S. and $784 million internationally.
Abbott Laboratories maintained its full year guidance for adjusted earnings per share, which is between $2.10 and $2.20 per share. The drug maker still expects GAAP earnings of between $1.50 and $1.60 per share for continuing operations.
