Outlook overshadows strong quarter at Coca-Cola
ATLANTA (AP) — A weak annual outlook from Coca-Cola overshadowed solid quarterly results Thursday, wiping out its stock gains for the year and setting off the worst sell-off of company shares in more than a decade.
Coke expects organic revenue growth of 4 percent in 2019, a point lower than last year.
CEO James Quincey said higher tax rates, currency fluctuations and volatility in emerging markets will all be headwinds in 2019.
"Consumers are under more pressure as we head into the new year," Quincey said in a conference call with analysts.
The report landed just before the U.S. Commerce Department published a report on retail sales showing the worst monthly decline since September 2009.