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Coca-Cola Reports Fourth Quarter and Full Year 2024 Results

By The Associated Press
Posted 6:55AM on Tuesday 11th February 2025 ( 1 month ago )

ATLANTA--(BUSINESS WIRE)--Feb 11, 2025--

The Coca-Cola Company today reported fourth quarter and full year 2024 results. “Our all-weather strategy is working, and we continue to demonstrate our ability to lead through dynamic external environments,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “Our global scale, coupled with local-market expertise and the unwavering dedication of our people and our system, uniquely position us to capture the vast opportunities ahead.”

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250211158506/en/

Highlights

Quarterly/Full Year Performance

Company Updates

Operating Review Three Months Ended December 31, 2024

Revenues and Volume

Percent Change

Concentrate
Sales 1

Price/Mix

Currency
Impact

Acquisitions,
Divestitures
and Structural
Changes, Net

Reported Net
Revenues

 

Organic
Revenues 2

 

Unit Case
Volume 3

Consolidated

5

9

(3)

(5)

6

 

14

 

2

Europe, Middle East & Africa

6

11

(11)

0

6

 

17

 

0

Latin America

3

23

(15)

0

10

 

25

 

2

North America

4

12

0

0

16

 

15

 

1

Asia Pacific

6

(5)

8

0

9

 

1

 

6

Global Ventures 4

10

(7)

2

0

5

 

3

 

3

Bottling Investments

4

2

0

(30)

(23)

 

7

 

(26)

Operating Income and EPS

Percent Change

Reported
Operating
Income

Items Impacting
Comparability

Currency Impact

Comparable
Currency Neutral
Operating
Income 2

Consolidated

19

11

(14)

22

Europe, Middle East & Africa

2

7

(20)

14

Latin America

24

1

(24)

46

North America

29

3

0

26

Asia Pacific

24

35

(5)

(6)

Global Ventures

14

4

1

9

Bottling Investments

8

7

4

(3)

 

 

 

 

 

Percent Change

Reported EPS

Items Impacting
Comparability

Currency Impact

Comparable
Currency Neutral
EPS 2

Consolidated

12

(1)

(11)

23

Note: Certain rows may not add due to rounding.

1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.

2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.

3 Unit case volume is computed based on average daily sales.

4 Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment.

Operating Review – Year Ended December 31, 2024

Revenues and Volume

Percent Change

Concentrate
Sales 1

Price/Mix

Currency
Impact

Acquisitions,
Divestitures
and Structural
Changes, Net

Reported Net
Revenues

 

Organic
Revenues 2

 

Unit Case
Volume

Consolidated

2

11

(5)

(4)

3

 

12

 

1

Europe, Middle East & Africa

(1)

17

(16)

0

1

 

16

 

0

Latin America

3

21

(14)

0

11

 

25

 

3

North America

1

10

0

0

11

 

11

 

0

Asia Pacific

2

2

(3)

0

2

 

4

 

1

Global Ventures 3

4

(3)

2

0

2

 

1

 

2

Bottling Investments

5

5

(2)

(28)

(21)

 

9

 

(23)

Operating Income and EPS

Percent Change

Reported
Operating
Income

Items Impacting
Comparability

Currency Impact

Comparable
Currency Neutral
Operating
Income 2

Consolidated

(12)

(17)

(11)

16

Europe, Middle East & Africa

(2)

1

(16)

14

Latin America

10

(2)

(18)

31

North America

(2)

(16)

0

14

Asia Pacific

5

6

(6)

5

Global Ventures

9

1

1

8

Bottling Investments

(14)

1

(1)

(15)

 

 

 

 

 

Percent Change

Reported EPS

Items Impacting
Comparability

Currency Impact

Comparable
Currency Neutral
EPS 2

Consolidated

0

(8)

(9)

17

Note: Certain rows may not add due to rounding.

1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any.

2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.

3 Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment

In addition to the data in the preceding tables, operating results included the following:

Consolidated

Unit case volume performance included the following:

Europe, Middle East & Africa

Latin America

North America

Asia Pacific

Global Ventures

Bottling Investments

Capital Allocation Update

Outlook

The 2025 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2025 projected organic revenues (non-GAAP) to full year 2025 projected reported net revenues, full year 2025 projected comparable net revenues (non-GAAP) to full year 2025 projected reported net revenues, full year 2025 projected underlying effective tax rate (non-GAAP) to full year 2025 projected reported effective tax rate, full year 2025 projected comparable currency neutral EPS (non-GAAP) to full year 2025 projected reported EPS, or full year 2025 projected comparable EPS (non-GAAP) to full year 2025 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2025; the exact timing and exact amount of items impacting comparability throughout 2025; and the exact impact of fluctuations in foreign currency exchange rates throughout 2025. The unavailable information could have a significant impact on the company’s full year 2025 reported financial results.

Full Year 2025

The company expects to deliver organic revenue (non-GAAP) growth of 5% to 6%.

For comparable net revenues (non-GAAP), the company expects a 3% to 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to a slight headwind from acquisitions, divestitures and structural changes.

The company’s underlying effective tax rate (non-GAAP) is estimated to be 20.8% versus 18.6% in 2024. This includes the impact of several countries enacting the global minimum tax regulations and does not include the impact of ongoing tax litigation with the IRS, if the company were not to prevail.

The company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 8% to 10%.

The company expects comparable EPS (non-GAAP) growth of 2% to 3%, versus $2.88 in 2024.

Comparable EPS (non-GAAP) percentage growth is expected to include a 6% to 7% currency headwind based on the current rates and including the impact of hedged positions, in addition to a slight headwind from acquisitions, divestitures and structural changes.

The company expects to generate free cash flow excluding the fairlife contingent consideration payment (non-GAAP) of approximately $9.5 billion. This consists of cash flow from operations excluding the fairlife contingent consideration payment (non-GAAP) of approximately $11.7 billion, less capital expenditures of approximately $2.2 billion.

First Quarter 2025 Considerations

Comparable net revenues (non-GAAP) are expected to include a 3% to 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to a 2% to 3% headwind from acquisitions, divestitures and structural changes.

Comparable EPS (non-GAAP) percentage growth is expected to include a 5% to 6% currency headwind based on the current rates and including the impact of hedged positions, in addition to a 2% to 3% headwind from acquisitions, divestitures and structural changes.

The first quarter has two fewer days compared to first quarter 2024.

Notes

Conference Call

The company is hosting a conference call with investors and analysts to discuss fourth quarter and full year 2024 operating results today, Feb. 11, 2025, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.

View source version on businesswire.com:https://www.businesswire.com/news/home/20250211158506/en/

Investors and Analysts: Robin Halpern,[email protected]            Media: Scott Leith,[email protected]

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL SUPERMARKET SPECIALTY CONVENIENCE STORE

SOURCE: The Coca-Cola Company

Copyright Business Wire 2025.

PUB: 02/11/2025 06:55 AM/DISC: 02/11/2025 06:55 AM

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