On Tuesday, Coca Cola Co. (NYSE: KO) announced its financial results for the first quarter of 2017, with revenues and profits decreasing.
According the the statement, revenue in the first quarter fell 11.3% to $9.12 billion. The company said that the anticipated decline of revenues was impacted by two fewer days and the shift of the Easter holiday. Net income dropped 20.3% from the same period of last year to $1.18 billion, or $0.27 per share. Excluding certain items, the company's earnings was $0.43 per share, missing analysts’ estimates of $0.44 per share.
“The first quarter performance was in line with our plan, and we remain on track to deliver our underlying revenue and profit targets for the full year,” Muhtar Kent, the Chairman and Chief Executive Officer of The Coca-Cola Company, said in the statement.
“Next week I will proudly hand over the CEO reins to James Quincey with full confidence that he will complete the Company's transformation and lead our aggressive growth agenda. His vision of accelerating The Coca-Cola Company's evolution into a total beverage business with a focus on driving sustainable growth across a broad portfolio is exciting for all stakeholders, and he has my full support,” he said.
In the report, the company also said that it planned to cut around 1,200 jobs as part of a broader cost cutting plan to save $800 million. The job cuts will begin in the second half of this year and will carry into 2018, according to the company.