Coca-Cola shares plunged in morning trading Thursday after the company released gloomy projections for its 2019 earnings. The beverage giant said it’s struggling due to weak emerging markets like Argentina and Turkey and a slowing global economy.
Shares slumped 6.9 percent to $46.33 at mid-morning. The company's 2019 projections of four percent organic sales growth and profit targets lagged behind analyst expectations.
Unit case volume in Latin America declined 2% in the quarter, the company reported. A startling double-digit decline in Argentina brought down total sales despite growth in Brazil, Colombia and Peru.
Quincey said weakness in Turkey and other countries in the Middle East and Africa, in addition to Argentina, hampered the company's outlook. He also cited the lower 2019 International Monetary Fund growth forecast as a factor in its projections.