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Coca-Cola
🇺🇸 NYSE:KO
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Jun 28, 2024

Coca-Cola Q2 2024 Earnings Report

Coca-Cola experienced solid topline and operating income growth amidst an evolving landscape.

Key Takeaways

Coca-Cola reported a 3% increase in net revenues to $12.4 billion and a 15% increase in organic revenues (non-GAAP). EPS decreased by 5% to $0.56, while comparable EPS (non-GAAP) grew by 7% to $0.84. The company raised its full-year guidance, reflecting confidence in its all-weather strategy.

Net revenues grew by 3%, reaching $12.4 billion, while organic revenues (non-GAAP) increased by 15%.

Operating income grew by 10%, and comparable currency neutral operating income (non-GAAP) increased by 18%.

EPS declined by 5% to $0.56, but comparable EPS (non-GAAP) grew by 7% to $0.84.

The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.

Total Revenue
$12.4B
Previous year: $12B
+3.3%
EPS
$0.84
Previous year: $0.78
+7.7%
Organic Revenue Growth
15%
Previous year: 11%
+36.4%
Unit Case Volume Growth
2%
Gross Profit
$7.55B
Previous year: $7.06B
+7.0%
Cash and Equivalents
$13.7B
Previous year: $12.6B
+9.1%
Free Cash Flow
$3.3B
Previous year: $4.01B
-17.8%
Total Assets
$101B
Previous year: $98.5B
+2.8%

Coca-Cola

Coca-Cola

Coca-Cola Revenue by Segment

Coca-Cola Revenue by Geographic Location

Forward Guidance

The company expects to deliver organic revenue (non-GAAP) growth of 9% to 10%. Comparable EPS (non-GAAP) growth of 5% to 6%, versus $2.69 in 2023. The company expects to generate free cash flow (non-GAAP) of approximately $9.2 billion.

Positive Outlook

  • Organic revenue (non-GAAP) growth of 9% to 10%
  • Comparable net revenues (non-GAAP) currency headwind of 5% to 6%
  • Comparable EPS (non-GAAP) currency headwind of 8% to 9%
  • Comparable net revenues (non-GAAP) headwind from acquisitions, divestitures and structural changes of 4% to 5%
  • Comparable EPS (non-GAAP) headwind from acquisitions, divestitures and structural changes of 1% to 2%

Challenges Ahead

  • Comparable net revenues (non-GAAP) are expected to include an approximate 4% currency headwind
  • Comparable net revenues (non-GAAP) are expected to include a 4% to 5% headwind from acquisitions, divestitures and structural changes.
  • Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 8% currency headwind
  • Comparable EPS (non-GAAP) is expected to include a 1% to 2% headwind from acquisitions, divestitures and structural changes.
  • Underlying effective tax rate (non-GAAP) is estimated to be 19.0%

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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