Coca-Cola: Reports Strong Q3-2021 Financial Results

Atlanta / GA. (ccc) The Coca-Cola Company, since January 2019 parent company of British Costa Limited, reported strong third quarter 2021 results and year-to-date performance. «Our strategic transformation is enabling us to effectively navigate a dynamic environment and emerge stronger from the pandemic,» said James Quincey, Chairman and CEO of The Coca-Cola Company. «We are updating our full-year guidance to reflect another quarter of momentum in the business. While the recovery continues to be asynchronous around the world, we are investing for growth to drive long-term value for the system. Our strong system alignment and networked organization are helping us unlock enormous potential in our brands and across our markets.» Summary:

  • Revenues: Net revenues grew 16 percent to USD 10.0 billion, resulting in net revenues ahead of 2019, and organic revenues (non-GAAP) grew 14 percent. Revenue performance included 8 percent growth in concentrate sales and 6 percent growth in price/mix. Revenue growth was broad-based with particular strength in markets where coronavirus-related uncertainty is abating.
  • Margin: Operating margin, which included items impacting comparability, was 28.9 percent versus 26.6 percent in the prior year, while comparable operating margin (non-GAAP) was 30.0 percent versus 30.4 percent in the prior year. Comparable operating margin (non-GAAP) compression was primarily driven by a significant increase in marketing investments versus the prior year, partially offset by strong revenue growth.
  • Earnings per share: EPS grew 41 percent to USD 0.57, and comparable EPS (non-GAAP) grew 18 percent to USD 0.65. Comparable EPS (non-GAAP) growth included the impact of a 3-point currency tailwind.
  • Market share: The company gained value share in total non-alcoholic 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 remains ahead of the 2019 level.
  • Cash flow: Year-to-date cash flow from operations was USD 9.2 billion, up USD 3.0 billion versus the prior year, driven by strong business performance, five additional days in the first quarter and working capital initiatives. Year-to-date free cash flow (non-GAAP) was USD 8.5 billion, up USD 3.0 billion versus the prior year, driven by strong cash flow from operations.

For additional information please read the Company’s PDF file below (303 KB):

20211028-CCC-Q3-2021
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