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Jun 30, 2023
Coca-Cola Q2 2023 Earnings Report
Reported strong results driven by all-weather strategy and effective execution.
Key Takeaways
Coca-Cola reported strong second quarter 2023 results, with net revenues growing 6% to $12.0 billion and organic revenues growing 11%. EPS grew 34% to $0.59, and comparable EPS grew 11% to $0.78. The company also raised its full-year guidance.
Net revenues grew 6%; organic revenues (non-GAAP) grew 11%.
Operating income grew 3%; comparable currency neutral operating income (non-GAAP) grew 15%.
EPS grew 34% to $0.59; comparable EPS (non-GAAP) grew 11% to $0.78.
The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
Coca-Cola
Coca-Cola
Coca-Cola Revenue by Geographic Location
Revenue by Geographic Location
EMEA Revenue
CapyFin.comLatin America Revenue
CapyFin.comNorth America Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comBottling Revenue
CapyFin.com Forward Guidance
The company expects to deliver organic revenue (non-GAAP) growth of 8% to 9%. The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion through cash flow from operations of approximately $11.4 billion, less capital expenditures of approximately $1.9 billion.
Positive Outlook
- Comparable net revenues (non-GAAP) are expected to include an approximate 2% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.
- The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP) based on the current rates and including the impact of hedged positions.
- The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.3%.
- Given the above considerations, the company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 9% to 11% and comparable EPS (non-GAAP) growth of 5% to 6%, versus $2.48 in 2022.
- The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion through cash flow from operations of approximately $11.4 billion, less capital expenditures of approximately $1.9 billion.
Challenges Ahead
- Comparable net revenues (non-GAAP) are expected to include an approximate 2% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.
- The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP) based on the current rates and including the impact of hedged positions.
- The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.3%.
- Given the above considerations, the company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 9% to 11% and comparable EPS (non-GAAP) growth of 5% to 6%, versus $2.48 in 2022.
- The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion through cash flow from operations of approximately $11.4 billion, less capital expenditures of approximately $1.9 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income