Coca-Cola: Reports Q4 and Full-Year 2021 Results

Atlanta / GA. (ccc) The Coca-Cola Company, since January 2019 parent company of British Costa Limited, reported fourth quarter and full-year 2021 results, including another quarter of sequential improvement in volume trends compared to 2019. «In 2021, our system demonstrated resilience and flexibility by successfully navigating through another year of uncertainty,» said James Quincey, Chairman and CEO of The Coca-Cola Company. «We focused on our key strategies and emerged stronger. We are confident that progress on our strategic transformation has made us a nimbler total beverage company. While the environment remains dynamic, we will build on the momentum from 2021 to drive topline growth and maximize returns.» Summary:

  • Revenues: For the quarter, net revenues grew 10 percent to USD 9.5 billion, resulting in net revenues ahead of 2019, and organic revenues (non-GAAP) grew 9 percent. Revenue performance included 10 percent growth in price/mix and a decline of 1 percent in concentrate sales. The quarter included six fewer days, which resulted in an approximate 6-point headwind to revenue growth. The quarter was also impacted by the timing of concentrate shipments. For the full year, net revenues grew 17 percent to USD 38.7 billion, and organic revenues (non-GAAP) grew 16 percent. This performance was driven by 9 percent growth in concentrate sales and 6 percent growth in price/mix.
  • Margin: For the quarter, operating margin, which included items impacting comparability, was 17.7 percent versus 27.2 percent in the prior year, while comparable operating margin (non-GAAP) was 22.1 percent versus 27.3 percent in the prior year. For the full year, operating margin, which included items impacting comparability, was 26.7 percent versus 27.3 percent in the prior year, while comparable operating margin (non-GAAP) was 28.7 percent versus 29.6 percent in the prior year. For both the quarter and the full year, operating margin compression was primarily driven by a significant increase in marketing investments versus the prior year. Additionally, fourth quarter operating margin was impacted by topline pressure from six fewer days in the quarter along with the timing of concentrate shipments.
  • Earnings per share: For the quarter, EPS grew 65 percent to USD 0.56, and comparable EPS (non-GAAP) declined 5 percent to USD 0.45. For the full year, EPS grew 26 percent to USD 2.25, and comparable EPS (non-GAAP) grew 19 percent to USD 2.32. Both fourth quarter and full-year comparable EPS (non-GAAP) performance included the impact of a 2-point currency tailwind.
  • Market share: For both the quarter and the full year, the company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages, which included share gains in both at-home and away-from-home channels. The company’s value share in total NARTD beverages, and in both at-home and away-from-home channels, remains ahead of 2019.
  • Cash flow: Cash flow from operations for the year was USD 12.6 billion, up USD 2.8 billion versus the prior year, driven by strong business performance and working capital initiatives. Full-year free cash flow (non-GAAP) was USD 11.3 billion, up USD 2.6 billion versus the prior year, driven by strong cash flow from operations.

For additional information please read the Company’s PDF file below (306 KB):

20220211-CCC-Q4-2021.

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