Coca-Cola Reports Third Quarter 2024 Results and Provides Updated Guidance
Coca-Cola (KO) reported mixed Q3 2024 results with a 1% decline in net revenues to $11.9 billion, while organic revenues grew 9%. Global unit case volume declined 1%, with EPS falling 7% to $0.66. The company's operating margin decreased to 21.2% from 27.4% year-over-year, primarily due to a $919 million charge related to the fairlife acquisition. Despite challenges, comparable EPS grew 5% to $0.77.
The company gained value share in total nonalcoholic ready-to-drink beverages, with Coca-Cola Zero Sugar growing 11%. Cash flow from operations was $2.9 billion, impacted by a $6.0 billion IRS tax litigation deposit.
Coca-Cola (KO) ha riportato risultati misti per il terzo trimestre del 2024, con un calo dell'1% dei ricavi netti, scesi a 11,9 miliardi di dollari, mentre i ricavi organici sono cresciuti del 9%. Il volume totale delle unità globali è diminuito dell'1%, con l'utile per azione che è sceso del 7% a 0,66 dollari. Il margine operativo dell'azienda è diminuito al 21,2% rispetto al 27,4% dell'anno precedente, principalmente a causa di una spesa di 919 milioni di dollari legata all'acquisizione di Fairlife. Nonostante le sfide, l'utile per azione comparabile è cresciuto del 5%, arrivando a 0,77 dollari.
L'azienda ha guadagnato quote di mercato nelle bevande pronte da bere non alcoliche, con Coca-Cola Zero Zucchero che è aumentata dell'11%. Il flusso di cassa da operazioni è stato di 2,9 miliardi di dollari, influenzato da un deposito di contenzioso fiscale dell'IRS di 6,0 miliardi di dollari.
Coca-Cola (KO) reportó resultados mixtos en el tercer trimestre de 2024, con una disminución del 1% en los ingresos netos, que alcanzaron los 11.9 mil millones de dólares, mientras que los ingresos orgánicos crecieron un 9%. El volumen total de unidades a nivel mundial disminuyó un 1%, con las ganancias por acción cayendo un 7% a 0.66 dólares. El margen operativo de la empresa disminuyó al 21.2% desde el 27.4% del año anterior, principalmente debido a un cargo de 919 millones de dólares relacionado con la adquisición de Fairlife. A pesar de los desafíos, las ganancias por acción comparables crecieron un 5% alcanzando 0.77 dólares.
La empresa ganó participación de mercado en bebidas no alcohólicas listas para beber, con Coca-Cola Zero Azúcar creciendo un 11%. El flujo de caja de las operaciones fue de 2.9 mil millones de dólares, afectado por un depósito de litigio fiscal de 6.0 mil millones de dólares del IRS.
코카콜라 (KO)는 2024년 3분기 혼합된 실적을 보고했으며, 순 매출이 119억 달러로 1% 감소한 반면, 유기적 매출은 9% 증가했습니다. 전 세계 단위 사건 수량이 1% 감소했으며, 주당 순이익이 7% 감소하여 0.66달러가 되었습니다. 회사의 운영 마진은 지난해 27.4%에서 21.2%로 감소했으며, 이는 주로 Fairlife 인수와 관련된 9억 1900만 달러의 비용 때문입니다. 어려움에도 불구하고 비교 가능한 주당 순이익은 5% 증가하여 0.77달러에 도달했습니다.
회사는 비알콜 즉석 음료에서 시장 점유율을 확대했으며, 코카콜라 제로 설탕이 11% 성장했습니다. 운영으로부터의 현금 흐름은 29억 달러였으며, 이는 IRS 세금 소송 보증금인 60억 달러의 영향을 받았습니다.
Coca-Cola (KO) a annoncé des résultats mitigés pour le troisième trimestre 2024, avec une baisse de 1 % des revenus nets à 11,9 milliards de dollars, tandis que les revenus organiques ont augmenté de 9 %. Le volume global des cas a diminué de 1 %, avec le BPA chutant de 7 % à 0,66 dollar. La marge opérationnelle de l'entreprise a diminué à 21,2 % contre 27,4 % l'année précédente, principalement en raison d'une charge de 919 millions de dollars liée à l'acquisition de Fairlife. Malgré les défis, le BPA comparable a augmenté de 5 % pour atteindre 0,77 dollar.
L'entreprise a gagné des parts de marché dans les boissons non alcoolisées prêtes à boire, Coca-Cola Zero Sucre ayant enregistré une hausse de 11 %. Le flux de trésorerie provenant des opérations a été de 2,9 milliards de dollars, affecté par un dépôt de litige fiscal de 6,0 milliards de dollars auprès de l'IRS.
Coca-Cola (KO) hat gemischte Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem Rückgang der Nettoumsätze um 1 % auf 11,9 Milliarden Dollar, während die organischen Umsätze um 9 % gestiegen sind. Das Gesamtvolumen der globalen Verkaufsverpackungen ging um 1 % zurück, wobei der Gewinn pro Aktie um 7 % auf 0,66 Dollar fiel. Die operative Marge des Unternehmens sank von 27,4 % im Vorjahr auf 21,2 %, hauptsächlich aufgrund einer Belastung von 919 Millionen Dollar in Verbindung mit der Fairlife-Akquisition. Trotz der Herausforderungen wuchs der Vergleichsgewinn pro Aktie um 5 % auf 0,77 Dollar.
Das Unternehmen gewann Marktanteile im Bereich der alkoholfreien Fertiggetränke, wobei Coca-Cola Zero Sugar um 11 % zulegte. Der Cashflow aus der betrieblichen Tätigkeit betrug 2,9 Milliarden Dollar und wurde durch eine Steuerstreit-Einlage von 6,0 Milliarden Dollar beim IRS beeinträchtigt.
- Organic revenues grew 9% with 10% growth in price/mix
- Comparable EPS grew 5% to $0.77
- Coca-Cola Zero Sugar grew 11% across all geographic segments
- Gained market share in total nonalcoholic ready-to-drink beverages
- Net revenues declined 1% to $11.9 billion
- Global unit case volume declined 1%
- Operating margin decreased to 21.2% from 27.4%
- $919 million charge related to fairlife acquisition
- EPS declined 7% to $0.66
- Cash flow decreased due to $6.0 billion IRS tax litigation deposit
Insights
Coca-Cola's Q3 2024 results show mixed performance with some concerning trends. While organic revenue grew
The operating margin compression to
The decline in free cash flow, primarily due to the
The volume performance across segments reveals important market dynamics. The decline in China, Mexico and Türkiye markets is concerning, though partially offset by growth in Brazil, Philippines and Japan. Coca-Cola Zero Sugar's
Pricing power remains strong with
Global Unit Case Volume Declined
Net Revenues Declined
Organic Revenues (Non-GAAP) Grew
Operating Income Declined
Comparable Currency Neutral Operating Income (Non-GAAP) Grew
Operating Margin Was
Comparable Operating Margin (Non-GAAP) Was
EPS Declined
Highlights |
Quarterly Performance |
-
Revenues: Net revenues declined
1% to , and organic revenues (non-GAAP) grew$11.9 billion 9% . Revenue performance included10% growth in price/mix and a2% decline in concentrate sales. Concentrate sales were 1 point behind unit case volume, primarily due to the timing of concentrate shipments. -
Operating margin: Operating margin, which includes items impacting comparability, was
21.2% versus27.4% in the prior year, while comparable operating margin (non-GAAP) was30.7% versus29.7% in the prior year. The operating margin decline was driven by items impacting comparability, including a charge of related to the remeasurement of the contingent consideration liability to fair value in conjunction with the acquisition of fairlife, LLC (“fairlife”) in 2020, as well as currency headwinds. Comparable operating margin (non-GAAP) expansion was primarily driven by strong organic revenue (non-GAAP) growth and the impact of refranchising bottling operations, partially offset by currency headwinds.$919 million -
Earnings per share: EPS declined
7% to , while comparable EPS (non-GAAP) grew$0.66 5% to . EPS performance included the impact of a 13-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 9-point currency headwind.$0.77 - Market share: The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
-
Cash flow: Cash flow from operations and free cash flow (non-GAAP) were
and$2.9 billion , respectively. Both decreased versus the prior year, primarily due to a$1.6 billion payment made to the IRS related to ongoing tax litigation (“IRS tax litigation deposit”). Free cash flow excluding the IRS tax litigation deposit (non-GAAP) was$6.0 billion , a decrease of$7.6 billion versus the prior year, largely due to higher other tax payments, higher capital expenditures and cycling working capital benefits, partially offset by strong business performance.$294 million
Company Updates |
-
Fulfilling consumer needs with a powerful total beverage portfolio: In addition to clear leadership within the sparkling portfolio, the company is using its refreshed resource allocation capabilities to prioritize growing brands across categories that add incremental system profit over the long term. The company’s water, sports and tea offerings consist of
12 billion-dollar brands and have added nearly in incremental brand value since 2020. This year’s Olympic and Paralympic Games demonstrated how the Coca-Cola system can leverage partnerships to drive business growth across its non-sparkling portfolio to create connections and drive recruitment. During the opening and closing ceremonies in$9 billion Paris , a special-edition smartwater gold bottle for athletes quickly garnered 42 million impressions and contributed to smartwater gaining both volume and value share during the quarter. The company continued to advance Powerade’s global “Pause is Power” platform, which is yielding positive results. Outside ofthe United States , Powerade is the leading sports beverage brand and, year-to-date, has expanded distribution and grown value share through global system activations. Across markets such asEurope and Eurasia andMiddle East , Fuze Tea’s “Made of Fusion” platform has led to year-to-date retail value growth three times faster than the industry. Finally, inNorth America , Topo Chico leads the premium sparkling water category in both volume and value share. Successful innovations like Topo Chico Sabores are attracting new consumers to the brand, leading to an over20% increase in household penetration so far this year. The company remains relentlessly consumer centric and continues to position its total beverage portfolio to meet evolving consumer needs. - Scaling digital capabilities to enhance the strategic growth flywheel: The company is leveraging leading digital technologies – including generative AI, analytical AI, machine learning and other tools – to drive agility, productivity and innovation. In partnership with WPP, the company is an early adopter of innovative generative AI technology from NVIDIA, which provides AI-powered capabilities to create customizable, on-demand advertisements and point-of-sale imagery. This globally scalable platform offers customers instant access to locally relevant marketing materials that reflect personalized food preferences and passion points, resulting in more effective consumer messaging, faster speed to market and lower costs. To elevate the company's revenue growth management capabilities, the company is piloting an AI-based price-pack-channel optimization tool to drive increased volume and retail sales. Additionally, AI is being used in the research and development process to enhance product innovation success rates and speed to launch by more accurately gauging consumer reactions through multi-sensorial facial coding during product testing. This data helps the company identify and incorporate unique flavors and aromas into new product developments, including the successful reformulations of Sprite and Fanta. Together, these initiatives demonstrate the company's commitment to harnessing the power of digital technology as a capability, a medium and a disruptor to drive sustainable growth and deliver exceptional value to consumers and customers.
Operating Review – Three Months Ended September 27, 2024 |
Revenues and Volume
Percent Change |
Concentrate
|
Price/Mix |
Currency
|
Acquisitions,
|
Reported Net
|
|
Organic
|
|
Unit Case
|
Consolidated |
(2) |
10 |
(5) |
(4) |
(1) |
|
9 |
|
(1) |
|
(7) |
9 |
(10) |
0 |
(7) |
|
2 |
|
(2) |
|
2 |
21 |
(20) |
0 |
4 |
|
24 |
|
0 |
|
1 |
11 |
0 |
0 |
12 |
|
12 |
|
0 |
|
(4) |
7 |
(7) |
0 |
(4) |
|
3 |
|
(2) |
Global Ventures4 |
1 |
(3) |
2 |
0 |
0 |
|
(2) |
|
1 |
Bottling Investments |
(1) |
4 |
(1) |
(32) |
(29) |
|
4 |
|
(31) |
Operating Income and EPS
Percent Change |
Reported
|
Items Impacting
|
Currency Impact |
Comparable
|
Consolidated |
(23) |
(27) |
(10) |
14 |
|
(14) |
(3) |
(9) |
(2) |
|
(5) |
(14) |
(23) |
32 |
|
10 |
(6) |
0 |
16 |
|
(7) |
(10) |
(8) |
12 |
Global Ventures |
(5) |
(8) |
0 |
3 |
Bottling Investments |
(68) |
0 |
(5) |
(63) |
|
|
|
|
|
Percent Change |
Reported EPS |
Items Impacting
|
Currency Impact |
Comparable
|
Consolidated |
(7) |
(12) |
(9) |
13 |
Note: Certain rows may not add due to rounding. |
|
1 |
For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. |
2 |
Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section. |
3 |
Unit case volume is computed based on average daily sales. |
4 |
Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment. |
In addition to the data in the preceding tables, operating results included the following:
Consolidated |
-
Unit case volume declined
1% . Growth led byBrazil ,the Philippines andJapan was more than offset by declines inChina ,Mexico and Türkiye.
Unit case volume performance included the following:
-
Sparkling soft drinks and Trademark Coca-Cola were both even as growth in
Latin America ,North America andAsia Pacific was offset by a decline inEurope ,Middle East andAfrica . Coca-Cola Zero Sugar grew11% , driven by growth across all geographic operating segments. Sparkling flavors declined1% as growth inNorth America andAsia Pacific was more than offset by declines inEurope ,Middle East andAfrica andLatin America . -
Juice, value-added dairy and plant-based beverages declined
3% as strong growth in fairlife® inthe United States was more than offset by declines in Minute Maid® Pulpy inAsia Pacific and Mazoe® inAfrica . -
Water, sports, coffee and tea declined
4% . Water declined6% , driven by declines across all geographic operating segments. Sports drinks declined3% as growth inEurope ,Middle East andAfrica was more than offset by declines across all other geographic operating segments. Coffee declined6% , primarily due to the performance of Costa® coffee in theUnited Kingdom . Tea grew7% , driven by growth inAsia Pacific ,Latin America andEurope ,Middle East andAfrica .
-
Price/mix grew
10% . Approximately 4 points were driven by pricing from markets experiencing intense inflation, with the remainder driven by pricing actions in the marketplace and favorable mix. Concentrate sales were 1 point behind unit case volume, primarily due to the timing of concentrate shipments. -
Operating income declined
23% , which included items impacting comparability and a 15-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew14% , primarily driven by organic revenue (non-GAAP) growth across all geographic operating segments.
|
-
Unit case volume declined
2% as growth in water, sports, coffee and tea was more than offset by declines in Trademark Coca-Cola, sparkling flavors and juice, value-added dairy and plant-based beverages. -
Price/mix grew
9% , primarily driven by pricing from markets experiencing intense inflation as well as pricing actions across operating units, partially offset by unfavorable mix. Concentrate sales were 5 points behind unit case volume, primarily due to the timing of concentrate shipments. -
Operating income declined
14% , which included items impacting comparability and a 12-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined2% , as organic revenue (non-GAAP) growth and the timing of marketing investments was more than offset by higher input costs and operating expenses. -
The company gained value share in total NARTD beverages, led by share gains in
Romania ,France andSouth Africa .
|
- Unit case volume was even as growth in Trademark Coca-Cola was offset by declines in water, sports, coffee and tea and sparkling flavors.
-
Price/mix grew
21% . Approximately two-thirds of the growth was driven by the impact of inflationary pricing inArgentina , with the remainder driven by pricing actions in the marketplace. Concentrate sales were 2 points ahead of unit case volume, primarily due to the timing of concentrate shipments. -
Operating income declined
5% , which included items impacting comparability and a 28-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew32% , primarily driven by strong organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments and higher operating expenses. -
The company lost value share in total NARTD beverages, driven by share losses in
Mexico andBrazil .
|
- Unit case volume was even as growth in Trademark Coca-Cola, juice, value-added dairy and plant-based beverages and sparkling flavors was offset by a decline in water, sports, coffee and tea.
-
Price/mix grew
11% , driven by favorable mix and pricing actions in the marketplace. Concentrate sales were 1 point ahead of unit case volume, primarily due to the timing of concentrate shipments. -
Operating income grew
10% , which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew16% , primarily driven by strong organic revenue (non-GAAP) growth, partially offset by higher input costs and an increase in marketing investments. - The company gained value share in total NARTD beverages, driven by share gains in Trademark Coca-Cola and juice, value-added dairy and plant-based beverages.
|
-
Unit case volume declined
2% , as growth in Trademark Coca-Cola was more than offset by declines in water, sports, coffee and tea, and juice, value-added dairy and plant-based beverages. -
Price/mix grew
7% , driven by favorable mix and pricing actions in the marketplace. Concentrate sales were 2 points behind unit case volume, primarily due to the timing of concentrate shipments. -
Operating income declined
7% , which included items impacting comparability and an 18-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew12% , driven by organic revenue (non-GAAP) growth and the timing of marketing investments, partially offset by higher input costs. -
The company gained value share in total NARTD beverages, led by share gains in
the Philippines ,Japan andSouth Korea .
Global Ventures |
-
Net revenues were even, and organic revenues (non-GAAP) declined
2% , as favorable pricing initiatives were offset by unfavorable product mix. -
Operating income declined
5% , which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew3% , driven by product mix.
Bottling Investments |
-
Unit case volume declined
31% , largely due to the impact of refranchising bottling operations. -
Price/mix grew
4% , driven by pricing actions across most markets as well as favorable mix. -
Operating income declined
68% , which included a 4-point currency headwind and the impact of refranchising bottling operations. Comparable currency neutral operating income (non-GAAP) declined63% .
Operating Review – Nine Months Ended September 27, 2024 |
Revenues and Volume
Percent Change |
Concentrate
|
Price/Mix |
Currency
|
Acquisitions,
|
Reported Net
|
|
Organic
|
|
Unit Case
|
Consolidated |
1 |
11 |
(6) |
(4) |
2 |
|
12 |
|
1 |
|
(3) |
19 |
(17) |
0 |
(1) |
|
16 |
|
0 |
|
4 |
21 |
(14) |
0 |
11 |
|
25 |
|
3 |
|
0 |
10 |
0 |
0 |
10 |
|
10 |
|
(1) |
|
1 |
4 |
(5) |
0 |
0 |
|
5 |
|
0 |
Global Ventures4 |
2 |
(2) |
1 |
0 |
1 |
|
0 |
|
2 |
Bottling Investments |
5 |
6 |
(2) |
(28) |
(20) |
|
10 |
|
(22) |
Operating Income and EPS
Percent Change |
Reported
|
Items Impacting
|
Currency Impact |
Comparable
|
Consolidated |
(19) |
(24) |
(10) |
15 |
|
(3) |
0 |
(16) |
13 |
|
6 |
(3) |
(17) |
26 |
|
(10) |
(22) |
0 |
11 |
|
2 |
0 |
(6) |
8 |
Global Ventures |
7 |
(1) |
1 |
7 |
Bottling Investments |
(25) |
(1) |
(3) |
(20) |
|
|
|
|
|
Percent Change |
Reported EPS |
Items Impacting
|
Currency Impact |
Comparable
|
Consolidated |
(3) |
(9) |
(9) |
15 |
Note: Certain rows may not add due to rounding. |
|
1 |
For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. |
2 |
Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section. |
3 |
Unit case volume is computed based on average daily sales. |
4 |
Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment. |
Outlook |
The 2024 and 2025 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full-year 2024 projected organic revenues (non-GAAP) to full-year 2024 projected reported net revenues, full-year 2024 projected comparable net revenues (non-GAAP) to full-year 2024 projected reported net revenues, full-year 2024 projected underlying effective tax rate (non-GAAP) to full-year 2024 projected reported effective tax rate, full-year 2024 projected comparable currency neutral EPS (non-GAAP) to full-year 2024 projected reported EPS, full-year 2024 projected comparable EPS (non-GAAP) to full-year 2024 projected reported EPS, full-year 2025 projected comparable net revenues (non-GAAP) to full-year 2025 projected reported net revenues, or full-year 2025 projected comparable EPS (non-GAAP) to full-year 2025 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2024; the exact timing and exact amount of items impacting comparability throughout 2024 and 2025; and the exact impact of fluctuations in foreign currency exchange rates throughout 2024 and 2025. The unavailable information could have a significant impact on the company’s full-year 2024 and full-year 2025 reported financial results.
Full Year 2024
The company expects to deliver organic revenue (non-GAAP) growth of approximately
For comparable net revenues (non-GAAP), the company expects an approximate
For comparable net revenues (non-GAAP), the company expects a
The company’s underlying effective tax rate (non-GAAP) is estimated to be
The company expects to deliver comparable currency neutral EPS (non-GAAP) growth of
The company expects comparable EPS (non-GAAP) growth of
The company expects to generate free cash flow excluding the IRS tax litigation deposit (non-GAAP) of approximately
Fourth Quarter 2024 Considerations — New
Comparable net revenues (non-GAAP) are expected to include an approximate
Comparable EPS (non-GAAP) percentage growth is expected to include an approximate
Full Year 2025 Considerations — New
Comparable net revenues (non-GAAP) are expected to include a low single-digit currency headwind based on the current rates and including the impact of hedged positions.
Comparable EPS (non-GAAP) percentage growth is expected to include a mid single-digit currency headwind based on the current rates and including the impact of hedged positions.
The company expects elevated interest expense resulting from the debt issued to pay the IRS tax litigation deposit and the upcoming fairlife contingent consideration payment.
The company will provide full-year 2025 guidance when it reports fourth quarter earnings.
Notes |
- All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.
- All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.
- “Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents) sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes, if any. For the Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.
- “Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.
- First quarter 2024 financial results were impacted by one less day as compared to first quarter 2023, and fourth quarter 2024 financial results will be impacted by two additional days as compared to fourth quarter 2023. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.
Conference Call |
The company is hosting a conference call with investors and analysts to discuss third quarter operating results today, Oct. 23, 2024, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023695370/en/
Investors and Analysts: Robin Halpern, koinvestorrelations@coca-cola.com
Media: Scott Leith, sleith@coca-cola.com
Source: The Coca-Cola Company
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