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Coca-Cola Reports Strong Q2 2024 Results and Raises Full-Year Guidance
ATLANTA, July 23, 2024 – The Coca-Cola Company has announced its financial results for the second quarter of 2024, demonstrating continued growth and momentum in a dynamic market. The company also raised its full-year guidance, reflecting confidence in its strategic execution.
Key Financial Highlights
- Global Unit Case Volume: Increased by 2%
- Net Revenues: Grew by 3% to $12.4 billion
- Organic Revenues (Non-GAAP): Increased by 15%
- Operating Income: Grew by 10%
- Comparable Currency Neutral Operating Income (Non-GAAP): Increased by 18%
- Operating Margin: Improved to 21.3% from 20.1% in the prior year
- Comparable Operating Margin (Non-GAAP): Rose to 32.8% from 31.6% in the prior year
- EPS: Declined by 5% to $0.56
- Comparable EPS (Non-GAAP): Increased by 7% to $0.84
James Quincey, Chairman and CEO of The Coca-Cola Company, stated, "We are encouraged with our second quarter results, which delivered solid topline and operating income growth in an ever-changing landscape. Together with our bottling partners, we continue to execute our highly effective all-weather strategy, and we are confident in our ability to deliver on our raised 2024 guidance and longer-term objectives."
Detailed Quarterly Performance
- Revenue Growth: Net revenues reached $12.4 billion, a 3% increase year-over-year. Organic revenues grew by 15%, driven by a 9% increase in price/mix and a 6% growth in concentrate sales. Timing of concentrate shipments contributed to concentrate sales outpacing unit case volume by 4 points.
- Operating Margin: The operating margin improved to 21.3%, up from 20.1% in the prior year. On a comparable basis (non-GAAP), the operating margin increased to 32.8% from 31.6%. This expansion was fueled by strong business performance and the impact of refranchising bottling operations, despite currency headwinds and higher marketing investments.
- Earnings Per Share: EPS decreased by 5% to $0.56, impacted by an 11-point currency headwind. Comparable EPS (non-GAAP) rose by 7% to $0.84, with a 10-point currency headwind affecting performance.
Market and Cash Flow
- Market Share: Coca-Cola gained value share in the total nonalcoholic ready-to-drink (NARTD) beverages segment.
- Cash Flow: Operating cash flow was $4.1 billion, a decrease of $516 million from the previous year, primarily due to higher tax payments and changes in working capital. Free cash flow (non-GAAP) was $3.3 billion, down $693 million year-over-year.
Source: KO
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