Coca-Cola Amatil Withdraws Earnings Guidance Due to Coronavirus
March 16 2020 - 6:21PM
Dow Jones News
By Mike Cherney
SYDNEY--Australian bottler Coca-Cola Amatil Ltd. said Tuesday
that it is withdrawing its 2020 earnings guidance due to
disruptions from the novel coronavirus.
The company previously expected mid-single digit earnings per
share growth in 2020 and in the medium term.
"Given the significant uncertainty in relation to the duration
and impact of the Covid-19 pandemic, we no longer feel it is
appropriate to continue to provide earnings guidance," the company
said in a statement.
Travel restrictions aimed at slowing the spread of the virus are
hitting just before the crucial Easter and Ramadan trading periods,
Amatil said.
In Australia and New Zealand, Amatil said it is seeing strong
growth in the grocery channel as consumers stock up. However, that
growth has been offset by declines in the on-the-go channel, which
are expected to accelerate as consumers stay home and major events
are cancelled.
In Indonesia, another key market for Amatil, the company said
there's been a reduction in foot traffic as people stay home and
that volumes in Bali have been hit by a severe decline in
tourism.
Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
March 16, 2020 18:06 ET (22:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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