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Sep 29, 2023
Coca-Cola Q3 2023 Earnings Report
Coca-Cola reported solid results and raised full-year guidance due to year-to-date performance.
Key Takeaways
Coca-Cola reported an 8% increase in net revenues, reaching $12.0 billion, and an 11% growth in organic revenues. EPS grew by 9% to $0.71, and comparable EPS grew by 7% to $0.74. The company is raising its full-year topline and bottom-line guidance.
Net revenues grew 8% to $12.0 billion, with organic revenues growing 11%.
EPS grew 9% to $0.71, and comparable EPS grew 7% to $0.74.
Operating margin was 27.4%, while comparable operating margin was 29.7%.
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 10% to 11%. Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 6% currency headwind. The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion.
Positive Outlook
- The company expects to deliver organic revenue (non-GAAP) growth of 10% to 11%.
- The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP).
- The company's underlying effective tax rate (non-GAAP) is estimated to be 19.0%.
- The company expects to generate free cash flow (non-GAAP) of approximately $9.5 billion.
- The company continues to expect to repurchase shares to offset dilution resulting from employee stock-based compensation plans and may also use a portion of the proceeds we expect to receive from nonoperating activities to repurchase additional shares.
Challenges Ahead
- For comparable net revenues (non-GAAP), the company expects an approximate 4% currency headwind.
- The company expects an approximate 1% headwind from acquisitions, divestitures and structural changes.
- Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 6% currency headwind.
- Comparable EPS (non-GAAP) percentage growth is expected to include a slight headwind from acquisitions, divestitures and structural changes.
- Comparable net revenues (non-GAAP) are expected to include an approximate 4% 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income