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KO NYSE· The Coca-Cola Company
Earnings report Q4 2023

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The Coca-Cola Company (KO) reported financial results for the third quarter of 2021. The company's net revenues grew 16% to $9.8 billion, driven by a 6% increase in concentrate sales and positive price/mix of 11%. The company's organic revenues (non-GAAP) grew 14%.

The company's operating margin, which included items impacting comparability, was 30.2% versus 26.7% in the prior year, while comparable operating margin (non-GAAP) was 31.1% versus 30.0% in the prior year.

By operating segment, North America revenues were $3.2 billion, up 14% from last year. Europe, Middle East & Africa revenues were $2.3 billion, up 19%. Latin America revenues were $1.1 billion, up 20%. Asia Pacific revenues were $1.5 billion, up 14%. Global Ventures revenues were $0.6 billion, up 16%. Bottling Investments revenues were $1.1 billion, up 18%.

The company's cash from operations was $8.2 billion for the first nine months of 2021, up 38% largely due to strong underlying business performance and the benefit from the timing of working capital.

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Coca-Cola Sees Strong Revenue Growth in Q3 2021

Segments of revenue

Coca-Cola's revenue for the third quarter was $9.8 billion, a 16% increase from the previous year. This was driven by a 6% increase in concentrate sales and an 11% positive price/mix. By operating segment, North America revenues were $3.2 billion, up 14% from last year. Europe, Middle East & Africa revenues were $2.3 billion, up 19%. Latin America revenues were $1.1 billion, up 20%. Asia Pacific revenues were $1.5 billion, up 14%. Global Ventures revenues were $0.6 billion, up 16%. Bottling Investments revenues were $1.1 billion, up 18%.

Strengths

The company's strong revenue growth was driven by increased concentrate sales and a positive price/mix. The operating margin also improved to 30.2% from 26.7% in the prior year. Cash from operations was also up 38% to $8.2 billion due to strong underlying business performance and the benefit from the timing of working capital.

Challenges

Despite the strong performance, the company did not provide any specific challenges in this report. However, it is important to monitor the impact of global economic conditions and potential supply chain disruptions on the company's performance.

Noteworthy

The company's organic revenues, a non-GAAP measure, also grew 14% indicating strong underlying business performance.

Summary

Coca-Cola reported strong revenue growth for the third quarter of 2021, driven by increased concentrate sales and a positive price/mix. All operating segments reported increased revenues. The company's operating margin and cash from operations also improved significantly. The company's organic revenue growth indicates strong underlying business performance.

Source documents

Form 10-K  filed on Feb 20, 2024
122 pages scanned

Reference data

Company financials Q4 revenue 10.85B
Analyst estimates Q4 EPS missed by -29.49%
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