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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%.
Revenue by Geographic Location
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
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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