Atlanta / GA. (ccc) The Coca-Cola Company, since January 2019 parent company of British Costa Limited, reported first quarter 2024 results. «We are encouraged by our start to 2024, delivering another quarter of volume, topline and earnings growth amidst a dynamic backdrop,» said Chairman and Chief Executive Officer James Quincey. «We believe our global system is primed for sustained success, thanks to the right strategies, clear alignment, a powerful portfolio and strong execution.» Highlights:
- Revenues: Net revenues grew 3 percent to USD 11.3 billion, and organic revenues (non-GAAP) grew 11 percent. Revenue performance included 13 percent growth in price/mix and a 2 percent decline in concentrate sales. Concentrate sales were 3 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 18.9 percent versus 30.7 percent in the prior year, while comparable operating margin (non-GAAP) was 32.4 percent versus 31.8 percent in the prior year. The operating margin decline was driven by items impacting comparability, including a charge of USD 765 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of Fairlife LLC in 2020 and a non-cash impairment charge of USD 760 million related to the BODYARMOR trademark, as well as currency headwinds. Comparable operating margin (non-GAAP) expansion was primarily driven by the impact of refranchising bottling operations and strong topline growth, partially offset by currency headwinds and an increase in marketing investments.
- Earnings per share: EPS grew 3 percent to USD 0.74, while comparable EPS (non-GAAP) grew 7 percent to USD 0.72. EPS performance included the impact of a 7-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 9-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 528 million, an increase of USD 368 million versus the prior year, driven by strong business performance and working capital initiatives, partially offset by currency headwinds. Free cash flow (non-GAAP) was USD 158 million, an increase of USD 274 million versus the prior year.
For additional information please read the Company’s PDF file below (157 KB):
20240502-CCC-Q1-2024.