Coca-Cola Q1 Report 2024
The Coca-Cola Company today reported first quarter 2024 results. “We’re encouraged by our start to 2024, delivering another quarter of volume, topline, and earnings growth amidst a dynamic backdrop,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “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% to $11.3 billion, and organic revenues (non-GAAP) grew 11%. Revenue performance included 13% growth in price/mix and a 2% 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% versus 30.7% in the prior year, while comparable operating margin (non-GAAP) was 32.4% versus 31.8% in the prior year. The operating margin decline was driven by items impacting comparability, including a charge of $765 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020 and a noncash impairment charge of $760 million related to the BODYARMOR trademark, as well as currency headwinds.
- Earnings per share: EPS grew 3% to $0.74, while comparable EPS (non-GAAP) grew 7% to $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.
- • Cash flow: Cash flow from operations was $528 million, an increase of $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 $158 million, an increase of $274 million versus the prior year.
