Coca-Cola Q4 2021 Earnings Report
Key Takeaways
Coca-Cola reported a strong Q4 2021, with net revenues growing by 10% to $9.5 billion and organic revenues (non-GAAP) increasing by 9%. EPS grew 65% to $0.56, while comparable EPS (non-GAAP) declined 5% to $0.45. The company's global unit case volume grew by 9%, driven by investments in the marketplace and ongoing recovery in various markets.
Net revenues grew 10% for the quarter, reaching $9.5 billion.
Organic revenues (non-GAAP) grew 9% for the quarter.
EPS grew 65% to $0.56, and comparable EPS (non-GAAP) declined 5% to $0.45.
Global unit case volume grew 9% for the quarter.
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 7% to 8% and comparable currency neutral EPS (non-GAAP) growth of 8% to 10% in 2022.
Positive Outlook
- The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8%.
- For comparable net revenues (non-GAAP), the company expects a 3% tailwind from acquisitions.
- The company’s underlying effective tax rate (non-GAAP) is estimated to be 20%.
- The company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 8% to 10%.
- The company expects to generate free cash flow (non-GAAP) of approximately $10.5 billion.
Challenges Ahead
- For comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind.
- The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP).
- Comparable EPS (non-GAAP) percentage growth is expected to include a 3% to 4% currency headwind.
- First quarter 2022 Considerations Comparable net revenues (non-GAAP) are expected to include an approximate 3% currency headwind.
- The first quarter has one less day compared to first quarter 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income