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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.
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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