Vending
Coca-Cola boosts Q3 2023 results, beats expectations
October 24, 2023
The Coca-Cola Co. reported revenue and earnings gains for Q3 2023 against the prior year period, according to an earnings report, surpassing analyst expectations. Highlights include:
- Net revenues grew 8% from $11.06 billion in Q3 2022 to $12 billion in the quarter ending Sept. 29, 2023, and organic revenues grew 11%. Revenue performance included 9% growth in price/mix and 2% growth in concentrate sales. Concentrate sales were in line with unit case volume.
- Net income rose 9% from $2.8 billion to $3.09 billion in the comparative quarters.
- Net income per share rose 9% from 65 cents to 71 cents on both a basic and diluted basis.
- Non-GAAP EPS rose 7% to 74 cents.
- North America unit case volume was even, as growth in sparkling flavors, juice and value-added dairy beverages was offset by declines in other beverage categories.
- Europe, Middle East and Africa unit case volume declined 1%, as growth in water, sports, coffee and tea was more than offset by declines in other beverage categories. Volume was impacted by the suspension of business in Russia and a decline in Pakistan.
- Latin America unit case volume grew 7%, with strong growth across nearly all categories, led by Mexico and Brazil.
- Asia Pacific unit case volume was even, as growth in Trademark Coca-Cola and other beverage categories was offset by a decline in water. Growth in India and the Philippines was offset by declines in China and Indonesia.
Shares traded today at $55.56 against a 52-week range of $51.55 to $64.99.
The $12 billion in quarterly revenue beat analyst expectations by $580 million while the non-GAAP EPS of 74 cents beat expectations by 5 cents, according to Seeking Alpha.
"We delivered an overall solid quarter and are raising our full-year topline and bottom-line guidance in light of our year-to-date performance," James Quincey, chairman and CEO, said in the press release. "Our leading portfolio of brands, coupled with an aligned and motivated system, positions us to win in the marketplace today while also laying the groundwork for the long term."
For the full year, the company expects to deliver organic revenue (non-GAAP) growth of 10% to 11%.
