Shares of the Coca-Cola Company (NYSE: KO) turned red in midday trade on Tuesday. The company delivered better-than-expected earnings results for the first quarter of 2024 and updated its guidance for the full year. The stock has gained over 3% in the past one month. Here are the main takeaways from the Q1 earnings report:
Better-than-expected results
Coca-Cola’s net revenue grew 3% year-over-year to $11.3 billion in the first quarter of 2024, beating estimates. Organic revenues grew 11%. The top line growth was helped by a 13% rise in price/mix. Net income increased 2% to $3.1 billion and EPS grew 3% to $0.74. Comparable EPS rose 7% to $0.72, surpassing projections.
Business performance
Coca-Cola recorded revenue increases, on a reported basis, across all its segments during Q1, barring Europe, Middle East & Africa (EMEA) and Bottling Investments. On an organic basis, revenue grew across all segments. On its quarterly call, the company stated that geopolitical and economic challenges in Eurasia and the Middle East continue to affect its business in the region.
Consolidated unit case volume grew 1% in Q1, with developed markets remaining flat, and developing and emerging markets seeing low single digit growth. Unit case volumes for sparkling soft drinks, and juice, value-added dairy and plant-based beverages both grew 2% while water, sports, coffee and tea saw a drop of 2%.
Unit case volume remained flat in North America as growth in juice, value-added dairy and plant-based beverages and Trademark Coca-Cola was offset by a decline in water, sports, coffee and tea. Unit case volume grew 2% and 4% in EMEA and Latin America respectively, driven by growth in water, sports, coffee and tea, as well as sparkling flavors, and Trademark Coca-Cola. Unit case volume declined 2% in Asia Pacific.
Updated guidance
Coca-Cola updated its full-year 2024 guidance for organic revenue growth and comparable currency neutral EPS growth. The company now expects organic revenues for the year to grow 8-9% versus the previous estimate of 6-7%. Comparable currency-neutral EPS is now expected to grow 11-13% versus the prior outlook of 8-10%. The outlook for comparable EPS growth remains unchanged at 4-5%.
Listen to the conference calls as they happen. Don't miss a beat! With AlphaStreet Intelligence, you can listen to live calls and interviews as they happen, so you never have to worry about missing out on important information.
Most Popular
GIS Earnings: All you need to know about General Mills’ Q2 2025 earnings results
General Mills, Inc. (NYSE: GIS) reported its second quarter 2025 earnings results today. Net sales increased 2% year-over-year to $5.2 billion. Organic sales were up 1%. Net earnings attributable to
Earnings Preview: Accenture (ACN) likely had a strong start to fiscal 2025
For Accenture plc. (NYSE: ACN), 2024 was a fruitful year marked by positive financial performance. The professional service firm effectively navigated a challenging market environment leveraging its agile business model
Signet Jewelers (SIG): Fashion remains a strong point for the jewelery retailer
Shares of Signet Jewelers Limited (NYSE: SIG) were down over 3% on Tuesday. The stock has dropped 12% over the past three months. The company faced challenges in the third
