Coca-Cola company has released its 2023 full-year global results with a seven per cent net revenue growth of $10.8 billion recently.
Commenting on the results in an online interview, 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. As we begin a new year, we’re confident that our all-weather strategy, powerful portfolio and harmonized system will continue to create value for our stakeholders in 2024 and for the long term.”
According to the results, the net revenues for the quarter grew 7% to $10.8 billion, and organic revenues non-generally Accepted Accounting Principles (non-GAAP) grew 12%, driven by 9% growth in price/mix and 3% growth in concentrate sales.
The quarter included one additional day, which resulted in a 1-point tailwind to revenue growth. 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.
For operating margin for the quarter, the company recorded 21.0% versus 20.5% in the prior year, while comparable operating margin (non-GAAP) was 23.1% versus 22.7% in the prior year. For the full year, the operating margin was 24.7% versus 25.4% in the prior year, while comparable operating margin (non-GAAP) was 29.1% versus 28.7% in the prior year.
Operating margin performance included items impacting comparability and currency headwinds. For both the quarter and full year, comparable operating margin (non-GAAP) expansion was primarily driven by strong topline growth, partially offset by an increase in marketing investments versus the prior year, as well as currency headwinds.
In Earnings per share (ESP), the black Cola brand recorded a 2% to $0.46 decline in EPS, while comparable EPS (non-GAAP) grew 10% to $0.49. EPS performance included the impact of a 14-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 13-point currency headwind.
For the full year, EPS grew 13% to $2.47, and comparable EPS (non-GAAP) grew 8% to $2.69. EPS performance included the impact of an 8-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 7-point currency headwind.
The market share for both the quarter and the full year, the company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
The Cash flow from operations was $11.6 billion for the full year, an increase of $581 million versus the prior year, driven by strong business performance and working capital initiatives, partially offset by a transition tax payment and currency headwinds. Free cash flow (non-GAAP) was $9.7 billion for the full year, an increase of $213 million versus the prior year.
