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April 16, 2013
11:29 EDTCOKE, KOCoca-Cola climbs after Q1 results, preliminary restructuring deal
Coca-Cola (KO) is advancing after the company announced stronger than expected first quarter results and said that it would look to restructure its U.S. bottling system sooner than previously expected WHAT'S NEW: Coca-Cola's first quarter earnings per share and revenue were both higher than expected. Coke reported earnings per share of 46c, which beat the consensus 45c forecast, on operating revenue of $11.04B, which topped the $11.02B consensus. The beverage maker said that its sales volume increased 4% during the quarter, up from 3% in the previous quarter. The company also announced that it had agreed in principle with five bottling companies to create a franchised bottling system. Under the system, the five companies would receive exclusive rights to bottle Coca-Cola products in some areas of the U.S. The deal will enhance the quality of the bottling operations in these areas, Coca-Cola stated. Financial terms of the deal, which is expected to be hammered out by the end of this year, were not disclosed. The territories that will be affected include Tennessee, Alabama, Denver, and Kentucky. One of the bottlers, Coca-Cola Bottling Consolidated (COKE), announced it has signed a non-binding letter of intent to expand its franchise territory. ANALYST REACTION: In a note to investors, Citigroup analyst Wendy Nichols wrote that Coca-Cola's results were strong. Moreover, the company's decision to refranchise some of its territories is positive, as uncertainty about the timing and scope of the move had weighed on the stock, Nichols added. She maintained a $45 price target and Buy rating on the shares. TODAY'S PRICE ACTION: In late morning trading, Coca-Cola jumped $2.22, or 5.5%, to $42.31. Meanwhile, Coca-Cola Bottling Consolidated rose 3.8% to $60.23.
News For KO;COKE From The Last 14 Days
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October 8, 2015
09:06 EDTKOIGN, Coca-Cola enter esports partnership
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October 2, 2015
18:07 EDTKOCoca-Cola, other blue chips, call for Blatter to step down, WSJ says
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September 29, 2015
19:06 EDTKOCoca Cola will not renew health group sponsorships, AP says
Coca-Cola will not renew its sponsorship of a professional group for dietitians, according to the Associated Press, and will not renew its contracts with the American Academy of Family Physicians, the American Academy of Pediatrics and the American College of Cardiology when they end later this year. The company said the move was driven by "budget realities" and not criticism over these partnerships. Reference Link

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