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Dec 31, 2023
Coca-Cola Q4 2023 Earnings Report
Coca-Cola's financial performance in Q4 2023 reflected net revenues growth, driven by price/mix and concentrate sales, while EPS declined due to currency headwinds.
Key Takeaways
Coca-Cola reported a 7% increase in net revenues for Q4 2023, reaching $10.8 billion, and a 12% growth in organic revenues. EPS declined by 2% to $0.46, but comparable EPS grew by 10% to $0.49. The company's performance was driven by price/mix and concentrate sales, but impacted by currency headwinds.
Net revenues grew by 7% to $10.8 billion, with organic revenues up by 12%.
EPS declined by 2% to $0.46, while comparable EPS increased by 10% to $0.49.
Price/mix grew by 9%, and concentrate sales grew by 3%.
Operating margin was 21.0%, and comparable operating margin was 23.1%.
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 6% to 7%. For comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to a 4% to 5% headwind from acquisitions, divestitures and structural changes.
Positive Outlook
- Expects to deliver organic revenue (non-GAAP) growth of 6% to 7%.
- Underlying effective tax rate (non-GAAP) is estimated to be 19.2%.
- Expects to deliver comparable currency neutral EPS (non-GAAP) growth of 8% to 10%
- Expects to generate free cash flow (non-GAAP) of approximately $9.2 billion.
- Cash flow from operations of approximately $11.4 billion
Challenges Ahead
- Comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind
- A 4% to 5% headwind from acquisitions, divestitures and structural changes.
- Comparable EPS (non-GAAP) percentage growth is expected to include a 4% to 5% currency headwind
- An approximate 2% headwind from acquisitions, divestitures and structural changes.
- Does not include any potential payments related to ongoing tax litigation with the IRS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income