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APRIL 24, 2023

COCA-COLA REPORTS STRONG EARNINGS AND REVENUE GROWTH

Coca-Cola’s quarterly earnings exceeded market expectations, thanks to an increase in prices and higher demand for drinks. The company reported a net income of $3.11 billion, with adjusted earnings per share of 68 cents, above Wall Street predictions of 64 cents per share. Higher prices resulted in a 12% increase in Coke’s organic revenue, but demand remained flat in North America and declined in Europe, while the Asia Pacific and Latin America regions saw growth. Coke’s water, sports, coffee, and tea division grew 4%, while its sparkling soft drinks unit saw volume growth of 3%.

CAPITAL CITY BANK REPORTS STRONG FIRST QUARTER

Capital City Bank Group has reported a net income of $15 million in the first quarter of 2023, an increase from $11.7 million in the fourth quarter of 2022, and $8.5 million in the first quarter of 2022. The strong performance was driven by substantial growth in net interest, loans, and non-interest income, while managing to keep noninterest expenses under control. The bank’s allowance coverage ratio has also remained strong, and the tangible book value per share increased. CEO of Capital City Bank Group, William G. Smith, expressed his optimism about the bank’s positioning and full-year performance despite the uncertainty around the possibility of a near-term recession or economic slowdown. He highlighted their strong balance sheet – particularly the diversity and granularity of their core deposit franchise, as evidence of their strength during an industry-volatile quarter.

CREDIT SUISSE’S FIRST QUARTER RESULTS SHOW MAJOR LOSSES AND DEPOSIT OUTFLOWS

Credit Suisse recorded $69 billion in deposit outflows and incurred a significant loss for the first quarter, revealing deeper underlying problems than initially anticipated. These results highlighted the enormous task ahead for UBS, which has completed its acquisition of Credit Suisse, and the subsequent restructuring that will be necessary. Analysts predict that the deal could potentially affect UBS’s operating results unless a profound and comprehensive plan to address Credit Suisse’s revenue challenges is developed.

U.S. FUEL MAKERS TO REPORT STRONG EARNINGS

Fuelmakers in the U.S. are expected to report higher earnings for the first quarter due to strong fuel exports and margins. Despite a decline in domestic diesel demand during this period, refiners have benefited from favorable pricing and demand since the pandemic, which caused closings and alternating periods of product demand fluctuations. Nevertheless, analysts predict a decline in the second quarter due to declining exports and capacity increases in Asia, the Middle East, and the U.S. Gulf Coast. Furthermore, Valero Energy, Marathon Petroleum, and Phillips 66 are all scheduled to report their earnings in the coming weeks with significant increases in per share profits anticipated.

KEY EVENTS HAPPENING THIS WEEK

Tuesday: Consumer confidence report for April, and earnings reports for General Motors, McDonald’s, PepsiCo, UPS (before market opens); Alphabet, Microsoft, Chipotle (after the market closes).

Wednesday: Earnings reports for Boeing, Norfolk Southern (before the market opens); Meta, Mattel (after the market closes).

Thursday: GDP first-quarter report, Jobless claims, and earnings reports for American Airlines, Eli Lilly, Merck, Comcast (before the market opens); Amazon, Intel (after the market closes).

Friday: First-quarter Employment cost index, PCE index for March, and final Consumer sediment.

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