Vending

Coca-Cola Co. reports mostly positive Q4, FY 2023 results

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February 14, 2024

The Coca-Cola Co. lifted its revenues for Q4 and FY 2023, while earnings were mixed, according to a press release.

Highlights include:

Net revenues grew 7% to $10.8 billion, and organic revenues grew 12%, driven by 9% growth in price/mix and 3% growth in concentrate sales. The quarter included one additional day, which resulted in a 1-point tailwind to revenue growth.
For the full year, net revenues grew 6% to $45.8 billion, and organic revenues grew 12%, driven by 10% growth in price/mix and 2% growth in concentrate sales.
For both the quarter and the full year, organic revenue (non-GAAP) performance was strong across all operating segments.
For the quarter, EPS declined 2% to 46 cents, while comparable EPS (non-GAAP) grew 10% to 49 cents.
For the full year, EPS grew 13% to $2.47, and comparable EPS (non-GAAP) grew 8% to $2.69.
Unit case volume for sparkling soft drinks grew 2% for both the quarter and the full year, primarily driven by growth in Latin America and Asia Pacific.
Trademark Coca Cola unit case volume grew 2% for both the quarter and the full year, primarily driven by growth in Latin America and Asia Pacific.
Coca Cola Zero Sugar case volume grew 4% for the quarter and 5% for the full year, driven by growth in Latin America and North America.
Sparkling flavors grew 1% for both the quarter and the full year, primarily driven by growth in Asia Pacific.
Juice, value-added dairy and plant-based beverages case volume grew 6% for the quarter and 2% for the full year. This performance benefited from growth in Minute Maid Pulpy in China, Mazoe in Africa and fairlife in the U.S.
Water, sports, coffee and tea case volume was even for the quarter and grew 1% for the full year. Water grew 1% for the quarter and 2% for the full year, primarily driven by growth in Latin America, while sports drinks declined 1% for the quarter and were even for the year.

Shares traded at $59.56 today against a 52-week range of $51.55 to $64.99.

The full-year revenue and earnings were in line with analyst expectations, according to simplywall.st.

"During the year, our people and partners rose to meet new challenges, allowing us to excel globally and deliver in a dynamic world," James Quincey, chairman and CEO, said in the release. "As we begin a new year, we're confident that our all-weather strategy, powerful portfolio and harmonized system will continue to create value for our stakeholders in 2024 and for the long term."

The company expects to deliver organic revenue growth of 6% to 7%.