Coca-Cola Posted Strong Latin America and EMEA Revenue Smashing Expectations
April 30, 2024
The Coca-Cola Company (KO) just released its Q1 2024 financial results, according to which the beverage and snack company beat organic sales estimates and provided strong guidance across 2024. Coca-Cola's Q1 non-GAAP earnings per share came in at $0.72, beating estimates by $0.02. Revenue was $11.3 billion (up 2.7% YoY), showing an increase of $330 million.
Organic revenue rose 11% in the quarter versus consensus estimate of +6.1%, with Latin America (+22%), EMEA (+15%), North America (+7%), Asia Pacific (+7%) and Bottling Investments (+13%) leading the growth. Organic sales growth has been significantly higher than that of PepsiCo (PEP) over roughly overlapping periods. However, Coca-Cola’s unit case volume rose just 1% in the quarter, while price/mix contributed 13 percentage points to the increase.
Looking ahead, Coca-Cola expects full-year revenue growth of +8% to +9%, compared with the consensus estimate of +6.9%. The company expects non-GAAP sales to grow 8% to 9% and comparable net sales to grow 4% to 5%. KO expects non-GAAP earnings per share to grow 11% to 13%.
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