Main Takeaways from Coca-Cola’s Strong Performance in Q1 2024 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%. 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 across all segments during Q1, except for EMEA and Bottling Investments. Unit case volume growth was observed in developed and emerging markets, driven by various product categories. Geopolitical and economic challenges in Eurasia and the Middle East impacted the region's performance.
Updated guidance
Coca-Cola revised its full-year 2024 guidance for organic revenue growth and EPS. It expects organic revenues to grow 8-9% and comparable currency-neutral EPS to increase 11-13%. The company remains optimistic about its growth prospects, especially in water, sports, coffee, and tea segments.
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