Tag Archives: CocaCola

Business

Culver’s restaurants switching from Pepsi to Coca-Cola, upsetting fans

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Apple-Metro CEO Zane Tankel discusses how inflation is impacting consumers going to restaurants on ‘Fox Business Tonight.’

Culver’s, the Midwest chain known for its butter burgers and frozen custard, recently announced it is switching from Pepsi to Coca-Cola, upsetting many of its longtime fans. 

The franchise broke the news last Wednesday, telling media outlets the transition was in progress and would take some time for its nearly 900 restaurants spread out across 26 states, FOX 6 reported. 

An employee hands a drive-thru customer their order. (Raquel Zaldivar/Chicago Tribune/Tribune News Service via Getty Images / Getty Images)

Parting ways with Pepsi means that restaurants will no longer serve its signature as well as Mountain Dew, Sierra Mist, and Tropicana Drinks. 

VIRAL OFF-MENU WAFFLE HOUSE SANDWICH THAT STARTED AS ‘PREGNANCY CRAVING’ RECEIVES RESISTANCE FROM WORKERS

It remains unclear which Coca-Cola products will be offered, but the company owns Spire, Fanta, and Minute Maid, in addition to many variations on its namesake beverage. 

One Twitter user wrote that news of the switch “ruined my entire day.” 

In response to the tweet, the company confirmed the transition, but said many Culver’s Signature Root Beer, Diet Root Beer, Dr. Pepper, and fresh brewed sweetened and unsweetened tea will still be available.”

Another Twitter user wrote to Culver’s: “Had my last @culvers today. When you switch back to @pepsi I will be back.” 

Yet another Twitter user wrote in response to a post about loyalty that the company’s decision to get rid of Pepsi products has “got me pondering.” 

A Facebook user posted a comment on the company’s main page, saying she would no longer be going to Culver’s because they will now be offering coke products like the restaurants she avoided. 

“Now you’re going to be like them,” she wrote. “Sorry about this decision. You had the best Pepsi on tap. Now I have to search for another restaurant that has Pepsi.” 

CLICK HERE TO GET THE FOX BUSINESS APP 

FOX Business has reached out to Culver’s for additional comment. 

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Business

U.S. FTC probes Pepsi, Coca-Cola over price discrimination – Politico

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Jan 9 (Reuters) – Beverage giants Coca-Cola Co (KO.N) and PepsiCo Inc (PEP.O) are under preliminary investigation by the U.S. Federal Trade Commission (FTC) over potential price discrimination in the soft drink market, Politico reported on Monday citing sources.

The pricing strategies of both companies are being scrutinized under the Robinson-Patman Act, the report said.

The U.S. antitrust law prevents large franchises and chains from engaging in price discrimination against small businesses.

The FTC reached out to large retailers, including Walmart Inc (WMT.N), for at least a month seeking data and other information on how they purchase and price soft drinks, two of the sources told Politico. Walmart is currently not a target in the investigation, according to the report.

FTC, Coca-Cola, Pepsi and Walmart did not immediately respond to Reuters’ request for comments.

Reporting by Shivani Tanna in Bengaluru; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

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Business

Coca-Cola (KO) Q3 2022 earnings

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Coca-Cola on Tuesday raised its full-year outlook after beating Wall Street’s expectations for its quarterly earnings and revenue.

The company also provided a look toward 2023, saying that it expects inflation to keep raising its expenses and commodity prices to stay volatile. Foreign currency is also projected to weigh on Coke’s earnings and revenue. However, the company won’t provide its full outlook for next year until early 2023.

Shares of the company rose 3% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 69 cents adjusted vs. 64 cents expected
  • Revenue: $11.05 billion adjusted vs. $10.52 billion expected

The beverage giant reported third-quarter net income of $2.83 billion, or 65 cents per share, up from $2.47 billion, or 57 cents per share, a year earlier.

Excluding items, Coke earned 69 cents per share.

Adjusted net sales rose 10% to $11.05 billion, topping expectations of $10.52 billion. Organic revenue climbed 16%, fueled by higher prices across Coke’s portfolio.

Unit case volume, which strips out the impact of currency and price changes, grew 4% in the quarter. Other consumer giants, like Tide maker Procter & Gamble, have seen their volume fall as consumers feel inflation hit their wallets. Coke said it’s been trying to appeal to budget-conscious consumers through product offerings like value packs in North America.

Coke’s sparkling soft drinks segment, which includes its namesake soda, reported volume growth of 3%. Coke Zero Sugar was once again a standout, with its volume rising 11% in the quarter.

The company’s hydration, sports, coffee and tea division saw volume growth of 5%, fueled by Powerade, Bodyarmor and the expansion of Costa Coffee.

Coke’s nutrition, juice, dairy and plant-based beverages division reported flat volume for the quarter. Coke said the lackluster performance was due to declining demand for local brands in Eastern Europe.

For 2022, Coke now expects comparable earnings per share growth of 6% to 7%, up from its prior range of 5% to 6%. The company also raised its outlook for organic revenue growth to 14% to 15% from a range of 12% to 13%.

In the fourth quarter, Coke is forecasting that foreign currency will weigh on its comparable net sales by 8% and comparable earnings per share by 9%, including the impact of hedged positions.

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Sports

Coca-Cola 600 results: Denny Hamlin survives two overtime restarts to win wild war of attrition in Charlotte

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CONCORD, North Carolina — Of the 37 cars that started the 63rd running of the Coca-Cola 600, the vast majority of them ended up either torn up, chewed up, spun out or turned over — which included Denny Hamlin. And in spite of all that, it was Hamlin who took home arguably the most difficult edition of NASCAR’s longest race ever seen.

After taking four fresh tires on his final pit stop heading into overtime, Denny Hamlin emerged from a four-wide battle for the lead on the first restart, then held off a charge from Kyle Busch in double overtime to win the Coke 600 for the first time in his career. With his win, Hamlin became the 12th driver in NASCAR history to win all three of the sport’s majors — the Daytona 500, the Coca-Cola 600, and the Southern 500 — and he did so in what was the longest race in NASCAR history at 413 laps and just over 600 miles.

Coca-Cola 600 unofficial results

  1. #11 – Denny Hamlin
  2. #18 – Kyle Busch
  3. #4 – Kevin Harvick
  4. #14 – Chase Briscoe
  5. #20 – Christopher Bell
  6. #8 – Tyler Reddick
  7. #47 – Ricky Stenhouse Jr.
  8. #34 – Michael McDowell
  9. #5 – Kyle Larson
  10. #48 – Alex Bowman

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Business

Elon Musk Says He Wants to Buy Coca-Cola to ‘Put the Cocaine Back in’

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  • Elon Musk tweeted on Wednesday that he’d like to buy Coca-Cola. 
  • His reason? He wants to “put the cocaine back” in the soft drink, the billionaire wrote.
  • Many Twitter users have been posting suggestions for other companies that Musk should purchase.

Elon Musk tweeted on Wednesday that he would like to purchase Coca-Cola to “put the cocaine back in” the drink. 

Musk’s post came two days after the billionaire acquired Twitter in a $44 billion deal. “Let’s make Twitter maximum fun!” he tweeted less than an hour after voicing his plans for the beverage company.

While Musk’s comments about Coca-Cola were likely tongue-in-cheek, they bear some historical truth.

According to the National Institute on Drug Abuse, cocaine was legal in 1885 when John Pemberton, a pharmacist from Atlanta, first brewed the drink.

At the time, Pemberton’s recipe included a cocaine extract obtained from coca leaves. He described the drink as a “patent medicine” and “brain tonic and intellectual beverage.”

A 1988 New York Times article on The Coca-Cola Company also reported how cocaine was initially included in the drink but eliminated it by the 1900s. 

Representatives for The Coca-Cola Company did not immediately respond to a request for comment from Insider. 

Musk’s tweet about Coca-Cola, which went viral, prompted a response from Rep. Lauren Boebert, who took a jab at Hunter Biden’s documented drug use. “Has Hunter been asking you for favors?” she wrote.

Since Musk’s acquisition of Twitter was announced, many of the platform’s users have tweeted suggestions at him on what companies he should buy next. 

One Twitter user wrote that Musk should “buy Fox” to get another season of the “Firefly” TV series greenlit, to which Musk responded: “Some sci-fi that actually features sci-fi would be great.” 

Another Twitter user wrote: “@elonmusk should buy the History Channel and make it about history,” to which Musk replied with a laugh-crying emoji.

Twitter has seen huge swings in its user numbers since the buyout, with politically left-leaning accounts losing thousands of followers and right-wing users gaining them in droves.



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Business

Musk Tweets He’ll Buy Coca-Cola Next

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Elon Musk’s addiction to continuous attention shows no signs of slowing down.

The Tesla  (TSLA) – Get Tesla Inc Report CEO and the world’s richest man sent out another headline-grabbing tweet late Wednesday.

Earlier this week, Musk won an agreement from Twitter’s  (TWTR) – Get Twitter, Inc. Report board for him to buy the social media company for $44 billion. The deal won the blessing of Twitter co-founder Jack Dorsey.

Since then, Musk has offered a series of controversial tweets, seemingly unable to give up the thrill of being the constant center of attention of much of the business and governmental worlds.

In particular, he’s harped on so-called freedom of speech problems at Twitter, raising concerns that he might reinstate former president Donald Trump on the platform. Trump was permanently banned from Twitter for fears he would incite even more violence in the wake of the Jan. 6, 2021 insurrection. 

Five people died as a result of the violent attempt by Trump supporters to take over the capital and stop the counting of the electoral votes and Trump was impeached for a second time as a result. 

Though Musk calls himself a “free speech absolutist,” the Supreme Court has ruled that freedom of speech protections in the constitution do not extend to “yelling ‘fire’ in a crowded theater.”

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Old Coke?

Not content, however, Musk lobbed out another wild idea Wednesday.

What else to make of Musk’s latest tweet in which he says “Next I’m buying Coca-Cola to put the cocaine back in.”

Venerable Coca-Cola was once made using cocaine, but the drug was removed from the recipe at the beginning of the 20th century, before the drink became a global phenomenon. 

Acquiring Coca-Cola would be a much bigger task for Musk than Twitter, as its market capitalization is currently about $288 billion, equivalent to Musk’s entire net worth on any given day.

There’s another wrinkle that could get in the way as well, since Coca-Cola’s largest single shareholder is Warren Buffett, who holds about 9% of the soft drink maker through his Berkshire-Hathaway  (BRK.A) – Get Berkshire Hathaway Inc. Class A Report  (BRK.B) – Get Berkshire Hathaway Inc. Class B Report investment vehicle.

Buffett made his first purchases of Coca-Cola in the wake of the 1987 stock market crash and has profited handsomely over the years. 

Unlike Musk, Buffett generally takes a hands off approach to any companies he buys or holds large stakes in.



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Business

Coca-Cola is a buy after earnings ‘clinic’

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CNBC’s Jim Cramer explained why he believes Coca-Cola is an endurable, investable stock on the heels of its latest quarterly earnings report.

“Coca-Cola put on a clinic, showing you how a seasoned management team can overcome just about any challenge you might throw at them. That’s long-lasting strength. That’s a great stock to put away,” the “Mad Money” host said.

Coca-Cola reported better-than-expected quarterly earnings and revenue on Monday.

Shares of Coke rose 1.06%, notching a new 52-week high earlier in the day.

“The quarter’s a reminder that sometimes you just want to own the best of breed companies in unassailable positions. … It’s not that Coca-Cola’s got no problems — they’re dealing with the same issues as everyone else — it’s that they’ve been able to safely navigate their way through the thicket,” Cramer said.

He attributed Coke’s success to the popular Topo Chico Hard Seltzer, its DoorDash collaboration and other efforts to gain market share and get products to customers.

Coke said it is seeing higher costs for core supplies like high fructose corn syrup and aluminum. But Cramer noted “the good news is that the companies that make cans are finally adding capacity after holding back for a long time, mostly because of Covid.” 

“If we’re going to get out of this inflationary spiral, we either need to see lots of companies adding capacity, or the Federal Reserve will have to crush the economy. When it comes to Coke, obviously its suppliers boosting their production is what really matters,” he said.

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Business

Coca-Cola is a stable safe haven in a rough market

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Coca-Cola reported first quarter earnings and sales Monday that easily topped forecasts: Sales surged 16% to $10.5 billion, beating Wall Street’s expectations of $9.8 billion. Profits of $2.8 billion, or 64 cents a share, rose 24% from a year ago — surpassing consensus estimates of 58 cents a share.

Price hikes were a major driver of the solid numbers. Coca-Cola said its price/mix, a measure of how much it charges customers, was up 7% globally and 11% in North America.

Shares of Coca-Cola (KO) rose slightly Monday morning on the strong results, even as the broader market was slumping again following Friday’s massive slide. The company also reaffirmed its outlook for the rest of the year — despite inflation worries that have raised the price of aluminum and other commodities Coke uses.

“The overall inflationary environment is going to be here for awhile. For exactly how long, nobody knows,” Coke chief financial officer John Murphy said in an interview with CNN Business Monday morning.

Pressure on commodity prices and wages will continue, Murphy said. But he added the company has the flexibility to raise prices, especially as it introduces more premium products.

Coca-Cola recognizes, though, that some consumers are feeling the pinch from higher prices more than others.

That’s why CEO James Quincey said during a conference call with analysts Monday that the company is experimenting with refillable packaging in Latin America and Africa and returnable glass bottles in parts of the Southwest United States.

Quincey said the goal of these initiatives is to reduce waste and give consumers financial incentives to use reusable bottles.

Murphy added that Coke has to “earn the right” to hike prices by constantly innovating and ensuring sure it’s on top of changing trends.
To that end, Coke has been busy developing quirky new flavors — and eliminating some old favorites such as Tab, which was one of hundreds of brands Coke has shuttered in the past two years — as the company tries to remain relevant with younger consumers.

“When I look back on the past couple of years, one of the biggest outcomes has been that we used that time to clean out the cupboard. Now we are building it back up again,” Murphy said. “It’s important to stay disciplined and keep a close eye on brands that are performing well. We need to keep the portfolio pruned.”

Investors are pleased with the strategy. Coca-Cola stock has now gained 11% so far in 2022 —making it one of the better performers in the Dow, which has fallen 8% this year.

Traders have flocked to stodgy consumer staples companies like Coca-Cola because they offer sales and earnings stability at a time of geopolitical turmoil, worries about the Federal Reserve’s rate hikes and inflation. Coke also pays a steady dividend that yields nearly 3%.

And Berkshire Hathaway (BRKB), the company led by Warren Buffett — famously a huge fan of the company, as well as Cherry Coke — is Coke’s largest shareholder with a more than 9% stake.

Coke is continuing to do well internationally even as the latest spike in Covid-19 cases is worrying investors. The company’s sales leaped 34% in Latin America and 13% in Europe, the Middle East and Africa.

As part of its global strategy, Coke is continuing to invest heavily in emerging markets, Murphy said.

“We have to stay close to these markets and adapt as necessary,” Murphy said. “Investing through volatile times will allow you to prevail.”

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Business

Twitter, Coca-Cola, Warner Bros. Discovery and more

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Check out the companies making headlines in premarket trading.

Coca-Cola — Shares of Coca-Cola rose about 1% after the company beat analysts’ expectations on the top and bottom lines in the recent quarter. The beverage giant reported adjusted earnings of 64 cents per share on revenues of $10.5 billion, while analysts expected 58 cents per share on $9.83 billion in revenue.

Twitter — Twitter ticked 5% higher on reports that the social media giant is close to a deal with Elon Musk. It comes a day after the company’s board reportedly met Sunday to discuss a takeover bid from Elon Musk, who has already secured $46.5 billion in financing.

Oil stocks —Shares of energy companies fell on Monday as oil prices fell on fears of a global slowdown amid lockdowns in Shanghai. Chevron, ConocoPhillips, and Marathon Oil dipped 2.2%, 2.6% and 2.8% respectively.

Kellogg — Shares of Kellogg dipped 1.8% after Deutsche Bank downgraded the stock to a hold. The bank cited the impact from workers’ strikes, rising inflation and supply chain disruptions among the reasons for the downgrade.

Verizon — Verizon shares fell 1% after Goldman Sachs downgraded the stock to neutral. The bank said Verizon is situated well for 5G growth but offers a lower potential return compared to peers like AT&T.

Penn National Gaming — The gaming stock rose 2.8% after Morgan Stanley named it a buy despite its recent underperformance. The bank also sees opportunities in its Barstool Sports and theScore businesses.

Warner Bros. Discovery — Warner Bros. Discovery’s stock fell 2.5% as investors continued to digest the news that the company would shutter its CNN+ service weeks after its launch.

Deere — The equipment manufacturer’s stock fell 3.4% after Bank of America downgraded the stock to neutral. The bank said it remains cautious on the farm economy and agricultural equipment space amid ongoing supply chain issues and other macro trends.

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Business

Coca-Cola (KO) Q1 2022 earnings

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A person wearing a mask pushes a dolly cart past a Coca-Cola truck as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 16, 2020 in New York City.

Alexi Rosenfeld | Getty Images

Coca-Cola on Monday reported quarterly earnings that topped analysts’ expectations as consumers drank more of its trademark soda, Powerade and other beverages.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 64 cents adjusted vs. 58 cents expected
  • Revenue: $10.5 billion vs. $9.83 billion expected

Coke reported first-quarter net income attributable to shareholders of $2.78 billion, or 64 cents per share, up from $2.25 billion, or 52 cents per share, a year earlier.

Excluding items, the beverage giant earned 64 cents per share, beating the 58 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 16% to $10.5 billion, topping Wall Street’s expectations of $9.83 billion. Organic revenue, which strips out the impact of acquisitions and divestitures, climbed 18% in the quarter.

Despite the suspension of its Russian business, the company reiterated its full-year outlook of revenue growth of 7% to 8% and comparable earnings per share growth of 5% to 6%.

Read the full earnings report here.

This is breaking news. Please check back for updates.

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