Coca-Cola reported weak quarterly revenue on Tuesday, making it the first time it’s fallen short of Wall Street projections in five years, CNBC reported.
While revenue is down, demand for the soda pop is up in North America and Latin America.
Coca-Cola said it predicts organic revenue growth of 4% to 5%.
“It’s right at the beginning of the year, and I think we’ve taken a realistic and prudent approach to a number of markets out there, particularly some of the international markets where we want to see conditions improve, and we need to do some things to execute better,” outgoing CEO James Quincey said on CNBC’s “Squawk on the Street.”
Coca-Cola said in its earnings statement that net revenue for the fourth quarter grew 2% to $11.8 billion, and organic revenues (non-GAAP) grew 5%, driven by a 4% increase in concentrate sales and 1% growth in price/mix.
For the full year, net revenues grew 2% to $47.9 billion, and organic revenues grew 5%, driven by 4% growth in price/mix and a 1% increase in concentrate sales.
