The earnings season in the US is heating up. On Wednesday – Coca-Cola, Johnson & Johnson and Verizon reported their Q2 earnings before the market open. Let’s take a closer look at the numbers.
The Coca-Cola company posted solid numbers in the second quarter of the year, beating analyst forecasts. The total revenue came in at $10.13 billion vs. $9.32 expected by the analysts ahead of the results. Earnings per share was at $0.68 vs. $0.58 forecast.
Company Chairman and CEO, James Quincey on the latest financial results – ”Our results in the second quarter show how our business is rebounding faster than the overall economic recovery, led by our accelerated transformation. As a result, we are encouraged and, despite the asynchronous nature of the recovery, we are raising our full year guidance.”
”We are executing against our growth plans and our system is aligned. We are better equipped than ever to win in this growing, vibrant industry and to accelerate value creation for our stakeholders,” he added.
Shares of Coca-Cola finished the trading day at $56.55 per share – up by 1.29%. The stock is up by around 19% in the last year.
Johnson & Johnson
Johnson & Johnson reported total revenue of $23.31 billion in Q2 (27.1% increase year-on-year) vs. $22.21 billion expected. Earnings per share also were higher at $2.48 per share vs. $2.27 estimate.
Alex Gorsky, Chairman and CEO commented on the latest results after they were released – ”Our second-quarter results showcase Johnson & Johnson’s diversified portfolio, driven by strong sales and earnings growth across our Medical Device, Consumer Health and Pharmaceutical businesses.”
”I’m so proud of our 136,000 colleagues who remain focused on delivering our medicines and products to patients and consumers around the world, in addition to advancing our pipeline with new product launches and regulatory submissions. These accomplishments exemplify our commitment to advancing transformational innovations that improve the health of people and communities everywhere while continuing to deliver long-term value to all of our stakeholders.”
Johnson & Johnson shares were flat at the end of the trading day on Wednesday, up by 0.62% at $169.49 per share. The share price is up by 13% in the last year.
Verizon Communications Inc.
The US telecommunication giant also topped expectations with total revenue of $33.80 billion in Q2 vs. $32.69 billion. Earnings per share were reported at $1.37 per share vs. $1.30 estimate.
”We are executing on our multipurpose network strategy and producing positive results in each of our five growth vectors, recording strong second quarter results. With more connections on our network than anyone else, our already excellent network performance improved in the quarter and was recognized by RootMetrics as the best overall network performance for the 16th time in a row. We are also expanding our 5G Ultra Wideband and 5G Home markets.”
”We are excited about our momentum leading into the second half of the year. We are on track to close both the Tracfone and Verizon Media transactions, and will continue to bring value and choice to our customers.” – Verizon Chairman and CEO Hans Vestberg commented on the Q2 results.
Share price of Verizon traded higher at the open–up by 2%. The stock ended the trading day at $55.95 per share – up by 0.67%.
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Sources: Coca-Cola, Johnson & Johnson and Verizon Communication Inc., Refinitiv
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