Coca-Cola: Reports First Quarter 2023 Financial Results

Atlanta / GA. (ccc) The Coca-Cola Company, since January 2019 parent company of British Costa Limited, reported first quarter 2023 results, demonstrating resilience in the marketplace despite an operating environment that remains dynamic. «We are encouraged by our first quarter 2023 results,» said James Quincey, Chairman and CEO of The Coca-Cola Company. «Our system alignment is stronger than ever, and our networked organization is allowing us to adapt as needed. We continue to invest for the long term, strengthening our capabilities to drive sustainable value for our stakeholders. We have the right portfolio, the right strategy and the right execution to deliver in the marketplace. We are confident in our ability to deliver on our 2023 objectives.» Highlights:

  • Revenues: Net revenues grew 5 percent to USD 11.0 billion, and organic revenues (non-GAAP) grew 12 percent. Revenue performance included 11 percent growth in price/mix and 1 percent growth in concentrate sales. Concentrate sales were 2 points behind unit case volume, largely due to the timing of concentrate shipments and the impact of one less day in the quarter.
  • Operating margin: Operating margin was 30.7 percent versus 32.5 percent in the prior year, while comparable operating margin (non-GAAP) was 31.8 percent versus 31.4 percent in the prior year. Operating margin decline was primarily driven by items impacting comparability and currency headwinds. Comparable operating margin (non-GAAP) expansion was primarily driven by strong topline growth and the impact of refranchising bottling operations, partially offset by an increase in marketing investments and higher operating costs versus the prior year as well as currency headwinds.
  • Earnings per share: EPS grew 12 percent to USD 0.72, and comparable EPS (non-GAAP) grew 5 percent to USD 0.68. Comparable EPS (non-GAAP) performance included the impact of a 7-point currency headwind.
  • Market share: The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
  • Cash flow: Cash flow from operations was USD 160 million, a decline of approximately USD 460 million versus the prior year, largely due to the timing of working capital initiatives and payments related to acquisitions and divestitures. Free cash flow (non-GAAP) declined approximately USD 520 million versus the prior year, resulting in negative free cash flow of approximately USD 120 million.

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