By Matt Grossman
The Coca-Cola Co. said Friday that it is likely to miss its previously stated earnings guidance for 2020 as the Covid-19 pandemic disrupts global markets.
The Atlanta-based beverage giant said that restaurant closures, sports cancellations and reduced travel will all cut into demand for its drinks.
In late February, Coca-Cola warned that the pandemic could hurt business in the first quarter, but the company stood behind previous guidance for the full year. That guidance had estimated earnings of $2.25 a share and organic revenue growth of 5% for 2020.
Coca-Cola said Friday that the new coronavirus could now cause a material change from that forecast, but added that economic upheaval prevents a reasonable estimate of the full effects.
The company added that it doesn't expect disruptions to its provision of soft-drink ingredients to its bottlers.
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