Coca-Cola reports strong 2023 full-year results with 7% net revenue growth

The Coca-Cola Company has revealed its spectacular 2023 financial results, displaying an astounding 7% net revenue rise to $10.8 billion. The announcement, which was released recently, sheds light on the business’s strong performance in the face of shifting market conditions and international obstacles.

In an online interview, The Coca-Cola Company’s Chairman and CEO, James Quincey, expressed his delight with the outcomes and highlighted the tenacity and commitment of the company’s partners and employees. According to Quincey, “During the year, our people and partners rose to meet new challenges, allowing us to excel globally and deliver in a dynamic world.”

The reported net revenues for the quarter exhibited a 7% growth to $10.8 billion, with organic revenues (non-GAAP) soaring by 12%. This growth was primarily driven by a 9% increase in price/mix and a 3% uptick in concentrate sales. Despite facing a one-day increase in the quarter, the company maintained a strong revenue trajectory.

For the full year, Coca-Cola witnessed a 6% surge in net revenues, reaching $45.8 billion, with organic revenues (non-GAAP) experiencing a substantial 12% growth. The stellar performance in organic revenue was fueled by a 10% rise in price/mix and a 2% growth in concentrate sales across all operating segments.

While the operating margin for the quarter stood at 21.0%, reflecting an improvement from the previous year, the comparable operating margin (non-GAAP) was even more promising at 23.1%. However, for the full year, the operating margin slightly decreased to 24.7%, with the comparable operating margin (non-GAAP) reaching 29.1%. These margins were influenced by various factors including marketing investments and currency headwinds.

In terms of earnings per share (EPS), Coca-Cola experienced a slight decline of 2% to $0.46 for the quarter, attributed in part to currency headwinds. Yet, comparable EPS (non-GAAP) exhibited a positive trajectory, growing by 10% to $0.49. For the full year, EPS rose by 13% to $2.47, while comparable EPS (non-GAAP) increased by 8% to $2.69, despite currency headwinds impacting both metrics.

Moreover, Coca-Cola maintained its market share in total non-alcoholic ready-to-drink (NARTD) beverages, reinforcing its position as a leading player in the industry.

In terms of cash flow, Coca-Cola reported a cash flow from operations of $11.6 billion for the full year, marking an increase of $581 million compared to the previous year. This growth was attributed to strong business performance and working capital initiatives, albeit partially offset by currency headwinds. Free cash flow (non-GAAP) also saw a rise to $9.7 billion, up by $213 million compared to the prior year.