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Coca-Cola
🇺🇸 NYSE:KO
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•
Apr 02, 2021

Coca-Cola Q1 2021 Earnings Report

Coca-Cola's Q1 2021 performance was marked by a 5% increase in net revenues, with organic revenues growing by 6%. Operating income rose by 14%, and comparable EPS saw an 8% increase.

Key Takeaways

Coca-Cola reported a 5% increase in net revenues to $9.0 billion and a 6% increase in organic revenues. EPS declined by 19% to $0.52, while comparable EPS grew by 8% to $0.55. The company's global unit case volume remained even, with growth in developing markets offsetting pressure in developed markets.

Net revenues increased by 5%, and organic revenues grew by 6%.

Operating income increased by 14%, with comparable currency neutral operating income up by 7%.

EPS decreased by 19% to $0.52, while comparable EPS increased by 8% to $0.55.

Global unit case volume was even, with strong growth in developing markets offset by pressure in developed markets.

Total Revenue
$9.02B
Previous year: $8.6B
+4.9%
EPS
$0.55
Previous year: $0.51
+7.8%
Organic Revenue Growth
6%
0
Gross Profit
$5.52B
Previous year: $5.23B
+5.4%
Cash and Equivalents
$8.48B
Previous year: $13.6B
-37.4%
Free Cash Flow
$1.4B
Previous year: $229M
+511.4%
Total Assets
$90B
Previous year: $94B
-4.3%

Coca-Cola

Coca-Cola

Coca-Cola Revenue by Segment

Coca-Cola Revenue by Geographic Location

Forward Guidance

The company expects to deliver organic revenue percentage growth of high single digits. For comparable net revenues, the company expects a 1% to 2% currency tailwind . The company expects to deliver comparable EPS percentage growth of high single digits to low double digits versus $1.95 in 2020. The company expects to generate free cash flow of at least $8.5 billion.

Positive Outlook

  • Expects to deliver organic revenue (non-GAAP) percentage growth of high single digits.
  • Comparable net revenues (non-GAAP) are expected to include an approximate 3% to 4% currency tailwind.
  • Comparable EPS (non-GAAP) is expected to include an approximate 5% to 6% currency tailwind.
  • Expects to deliver comparable EPS (non-GAAP) percentage growth of high single digits to low double digits versus $1.95 in 2020.
  • Expects to generate free cash flow (non-GAAP) of at least $8.5 billion.

Challenges Ahead

  • The company is not able to reconcile full year 2021 projected organic revenues (non-GAAP) to full year 2021 projected reported net revenues.
  • The company is not able to reconcile full year 2021 projected comparable net revenues (non-GAAP) to full year 2021 projected reported net revenues.
  • The company is not able to reconcile full year 2021 projected underlying effective tax rate (non-GAAP) to full year 2021 projected reported effective tax rate.
  • The company is not able to reconcile full year 2021 projected comparable EPS (non-GAAP) to full year 2021 projected reported EPS without unreasonable efforts.
  • The unavailable information could have a significant impact on the company’s full year 2021 reported financial results.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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