The Coca-Cola Company has published its fourth quarter and full year 2023 results, reporting 7% net revenue growth for Q4 and 6% for the FY.
For the quarter, the beverage giant reported net revenues of $10.8 billion. Organic revenues grew 12%, driven by 9% growth in price/mix and 3% growth in concentrate sales.
Net revenues increased to $45.8 billion for the full year and organic revenues grew 12%, driven by 10% growth in price/mix and 2% growth in concentrate sales.
Operating margin for the quarter was 21.0% compared with 20.5% in the previous year, while comparable operating margin was 23.1% versus 22.7% in the prior year.
For the full year, operating margin was 24.7% versus 25.4% in 2022, while comparable operating margin was 29.1% versus 28.7% in the prior year.
Both within the quarter and full year, Coca-Cola said comparable operating margin expansion was driven mainly by strong topline growth, partially offset by an increase in marketing investments as well as currency headwinds.
Earnings per share (EPS) declined 2% to $0.46 for the quarter, while comparable EPS grew 10% to $0.49. For the full year, EPS grew 13% to $2.47, and comparable EPS grew 8% to $2.69.
Cash flow from operations was $11.6 billion for the full year, an increase of $581 million on the prior year.
Global unit case volume grew 2% for the quarter, with growth in Mexico and Germany offset by declines in the US and Chile. Developing and emerging markets grew 4%, driven by growth in Brazil and India.
Unit case volume for the full year grew 2%, with 1% growth in developed markets driven by Mexico and Germany. Developing and emerging markets grew 2%, driven by growth in India and Brazil, partially offset by the suspension of business in Russia in 2022.
Sparkling soft drinks grew 2% for both the quarter and the full year, primarily driven by growth in Latin America and Asia Pacific. Juice, value-added dairy and plant-based beverages grew 6% for the quarter and 2% for the full year. Water, sports, coffee and tea was even for the quarter and grew 1% for the full year.
In its 2024 outlook, the company said it expects to deliver organic revenue growth of 6 to 7%. It projects comparable currency-neutral EPS growth of 8% to 10% and comparable EPS growth of 4% to 5%, versus $2.69 in 2023.
The company boosted its marketing investment in 2023 with the successful launch of an AI-based campaign and interactive local initiatives, such as the Coca-Cola Caravan Truck Tour, which travelled through nearly 60 countries, meeting over 16 million consumers.
Its holiday campaign experiences contributed to the growth of Trademark Coca-Cola volume and value share gains as well as unit case volume and transaction growth for both the quarter and full year.
Since the beginning of 2023, the company completed the refranchising of company-owned bottling operations in Vietnam to a subsidiary of Swire Pacific. It also completed the sale of its stake in the bottler in Pakistan to Coca-Cola İçecek and of its stake in the bottler in Indonesia to Coca-Cola Europacific Partners (CCEP).
More recently, it completed the refranchising of a portion of its company-owned bottling operations in India to existing franchise bottlers and received regulatory approval to sell its bottling operations in the Philippines to CCEP and Aboitiz Equity Ventures, which is expected to close towards the end of February 2024.
James Quincey, chairman and CEO of The Coca-Cola Company, said: ““During the year, our people and partners rose to meet new challenges, allowing us to excel globally and deliver in a dynamic world”.
He added: “As we begin a new year, we’re confident that our all-weather strategy, powerful portfolio and harmonised system will continue to create value for our stakeholders in 2024 and for the long term”.
FAQs
The Coca-Cola Company has published its fourth quarter and full year 2023 results, reporting 7% net revenue growth for Q4 and 6% for the FY. For the quarter, the beverage giant reported net revenues of $10.8 billion. Organic revenues grew 12%, driven by 9% growth in price/mix and 3% growth in concentrate sales.
What were the results of the q4 of Coca-Cola? ›
Fourth quarter of 2023 net sales increased 4% versus the fourth quarter of 2022. Gross profit in the fourth quarter of 2023 was $641 million, an increase of 7% versus the fourth quarter of 2022. Gross margin in the fourth quarter of 2023 improved by 120 basis points(a) to 39.3%.
Did Coca-Cola report fourth quarter earnings and sales that beat estimates? ›
The Coca-Cola Company (KO) handily beat analyst estimates for sales in the fourth quarter. The company's shares rose roughly 1% in pre-market trading Tuesday. Sales revenue rose about 7% to $10.85 billion, driven by higher prices.
What is the revenue growth of Coca-Cola? ›
CocaCola revenue for the twelve months ending March 31, 2024 was $46.074B, a 5.93% increase year-over-year. CocaCola annual revenue for 2023 was $45.754B, a 6.39% increase from 2022. CocaCola annual revenue for 2022 was $43.004B, a 11.25% increase from 2021.
What are the growth and achievements of Coca-Cola company? ›
With more than 500 brands available in more than 200 countries, Coca-Cola is the largest beverage manufacturer and distributor in the world, one of the largest corporations in the United States, and one of the most successful brands in marketing history.
What was Pepsi q4 results? ›
PepsiCo (PEP) posted its fourth-quarter earnings revealing mixed results missing Wall Street expectations with $27.8 billion in revenue versus an expected $28.3 billion, but beating adjusted EPS estimates by reporting $1.78.
What were the results of Lucid 4th quarter? ›
Lucid reported fourth quarter revenue of $157.2 million and annual revenue of $595.3 million , ending the quarter with approximately $4.78 billion of total liquidity.
What were the results of the year end of Coca-Cola? ›
For the full year, net revenues grew 6% to $45.8 billion, and organic revenues (non-GAAP) grew 12%, driven by 10% growth in price/mix and 2% growth in concentrate sales. For both the quarter and the full year, organic revenue (non-GAAP) performance was strong across all operating segments.
Where does Coca-Cola have a large chunk of revenues? ›
Revenue distribution of the Coca-Cola Company worldwide 2023, by operating segment. In 2023, nearly 37 percent of The Coca-Cola Company's revenue was specifically generated in North America. The American multinational corporation owns various brands, such as Sprite, Minute Maid, and Aquarius.
How much does Coca-Cola spend on advertising? ›
Over the last years, Coca-Cola has spent an average of four billion dollars a year on advertising worldwide, aside from 2020, with only about 2.8 billion U.S dollars, and 2023, with even about five billion dollars spent.
CocaCola net income/loss for the twelve months ending March 31, 2024 was $28.239B, a 13.45% increase year-over-year. CocaCola annual net income/loss for 2023 was $10.703B, a 11.83% increase from 2022. CocaCola annual net income/loss for 2022 was $9.571B, a 2.38% decline from 2021.
Where does most of Coca-Cola's revenue come from? ›
International Sales and Revenue
Coca Cola's international presence is a major driver of its revenue. The company has successfully established a strong foothold in various global markets, leveraging its brand recognition and localized marketing strategies.
Who has more revenue, co*ke or Pepsi? ›
Coca-Cola is the market leader in non-alcoholic beverages, but one thing that may surprise people is just how much more revenue PepsiCo brings in. In Q2 2023, Coca-Cola made around $12 billion in revenue, more than $10 billion less than PepsiCo made.
What is Coca-Cola growth strategy? ›
We identified key objectives to propel us to a growth trajectory – win more consumers, gain share, maintain strong system economics, strengthen our impact across our stakeholders, and equip our organization to win in the future.
What made Coca-Cola so successful? ›
So, Why is Coca-Cola so Successful? Few companies can boast the tremendous success and growth that The Coca-Cola Company has enjoyed for over 135 years. This accomplishment can be attributed to industry-leading advertising, innovation of their products, and delivering a positive brand message.
What is the key success factor of Coca-Cola? ›
In summary, Coca-Cola's success can be attributed to a combination of factors, including its strong brand identity, diversified product portfolio, global presence, innovative marketing strategies, customer engagement, sustainability efforts, collaborations, continuous innovation, strong distribution network and ...
What was the end result of New co*ke? ›
Yes, it infuriated the public, cost us a ton of money and lasted for only 77 days before we reintroduced Coca-Cola Classic. Still, New co*ke was a success because it revitalized the brand and reattached the public to co*ke. New co*ke continued to do what it had originally been designed to do: win taste tests.
What were the results of share a co*ke? ›
The Big Impact
Kiosks printed 378,000 co*ke cans, and overall sales rose by 3%. Social media saw the sharing of 76,000 virtual co*ke cans, an 870% spike in Facebook traffic, and 170,000 tweets from 160,000 fans.
What was the aftermath of the New co*ke? ›
In addition, New co*ke was dumped publicly into the sewers in Seattle. After 77 days the previous version of co*ke was brought back as “Coca-Cola Classic” on July 11, 1985. The Coca-Cola Company lost millions in research and advertising costs but gained three times as much in free advertising.
