Coca-Cola Consolidated Shares Jump After 1Q Results, $3.1 Billion Share Repurchase Plan
By Zaeem Shoaib
Coca-Cola Consolidated shares jumped after the company reported a higher profit for the first quarter and announced a $3.1 billion share repurchase plan.
Shares were up 15% to $984.76 in recent trading. The stock is up more than 56% in the past 12 months.
The company, after market close Monday, reported net income for the quarter of $165.7 million, or $17.66 a share, compared with $118.1 million, or $12.57 a share, a year earlier.
Net sales for the period totaled $1.59 billion versus $1.57 billion a year earlier.
The company said it plans to purchase up to $3.1 billion of its common stock through both a modified "Dutch auction" tender offer for up to $2 billion of its common stock and a separate share purchase agreement with Coca-Cola Co.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
May 07, 2024 12:13 ET (16:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now