The Coca-Cola Company announced today its financial results for the fourth quarter and full year of 2023. James Quincey, Chairman and CEO of The Coca-Cola Company, expressed confidence in the company’s ability to create value in 2024 and beyond, citing a strong strategy, diverse portfolio, and efficient system.
Here are the key highlights of the performance:
Quarterly and Coca-Cola shared full-year performance:
- Global unit case volume increased by 2% for both the quarter and the full year.
- Net revenues grew by 7% for the quarter and 6% for the full year. Organic revenues (Non-GAAP) saw even stronger growth, rising by 12% for both the quarter and the full year.
- Operating income increased by 10% for the quarter and 4% for the full year. Comparable currency neutral operating income (Non-GAAP) grew by 20% for the quarter and 16% for the full year.
- Despite a 2% decline in fourth-quarter earnings per share (EPS) to $0.46, comparable EPS (Non-GAAP) increased by 10% to $0.49. Full-year EPS grew by 13% to $2.47, with comparable EPS (Non-GAAP) increasing by 8% to $2.69.
- Cash flow from operations totaled $11.6 billion for the full year, a 5% increase. Full-year free cash flow (Non-GAAP) reached $9.7 billion, up 2% from the previous year.
2024 Financial Outlook:
The company remains optimistic about its performance in 2024 and beyond, building on its strengths and global presence.
Company Updates:
- The company continues to engage consumers through various experiences and digital platforms, leveraging its marketing initiatives globally.
- Efforts towards sustainable long-term growth include strategic refranchising and optimization of the company-owned bottling operations.
- The company prioritizes its employees, focusing on their growth and development, as evidenced by its high rankings in employee satisfaction and career progression assessments.
Overall, The Coca-Cola Company remains committed to delivering value to its stakeholders while adapting to the evolving market dynamics.
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