Coca-Cola Shares Fall After Sales Miss Estimates

Coca-Cola Co. shares fell 1.2% in Wednesday premarket trading after the beverage giant reported sales that fell below estimates and guided for a 2016 adjusted earnings decline. The company said it had second-quarter net income of $3.45 billion, or 79 cents per share, up from $3.10 billion, or 71 cents per share, for the same period last year. Adjusted earnings were 60 cents per share, beating the 58 cents per share FactSet consensus. Revenue for the quarter totaled $11.54 billion, falling below the $11.64 billion FactSet consensus. Coca-Cola now expects fiscal 2016 adjusted earnings per share to fall between 4% and 7% versus the previous year's adjusted earnings of $2 per share. The company expects full-year share repurshares between $2 billion and $2.5 billion. Coca-Cola shares are up 4.5% for the year to date while the S&P 500 Index is up 6.1% for the same period.