๐๐ผ๐ฐ๐ฎ-๐๐ผ๐น๐ฎ'๐ ( $KO (+2.3%) ) ๐ฎ๐ฌ๐ฎ๐ฐ ๐ฝ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ.ย
๐ ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐๐ฎ๐ฏ๐ถ๐น๐ถ๐๐ & ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐ฟ๐ผ๐๐๐ต:
๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ ๐๐ฟ๐ผ๐๐๐ต: Net revenues increased 6% in Q4, reaching $11.5B, and 3% for the full year, totaling $47.1B.
๐ข๐ฟ๐ด๐ฎ๐ป๐ถ๐ฐ ๐ฅ๐ฒ๐๐ฒ๐ป๐๐ฒ (๐ก๐ผ๐ป-๐๐๐๐ฃ): Grew 14% in Q4 and 12% for the full year, driven by price increases (9% in Q4, 11% for the year) and higher concentrate sales.
๐๐ฎ๐ฟ๐ป๐ถ๐ป๐ด๐ ๐ฃ๐ฒ๐ฟ ๐ฆ๐ต๐ฎ๐ฟ๐ฒ (๐๐ฃ๐ฆ): Q4 EPS rose 12% to $0.51. Full-year EPS declined slightly to $2.46, but comparable EPS (non-GAAP) increased 7% to $2.88.
๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ป๐ด ๐๐ป๐ฐ๐ผ๐บ๐ฒ: Increased 19% in Q4 but declined 12% for the full year due to currency headwinds and other factors. However, comparable currency-neutral operating income (non-GAAP) rose 22% in Q4 and 16% for the year.
๐๐ฎ๐๐ต ๐๐น๐ผ๐: Full-year operating cash flow was $6.8B, down 41%. Free cash flow (non-GAAP) fell 51% to $4.7B, mainly due to a $6B IRS tax litigation deposit. Excluding this deposit, free cash flow was $10.8B, up 11%.
๐ธ ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐ ๐ฎ๐ฟ๐ด๐ถ๐ป๐:
Operating Margin:
Q4: 23.5% (up from 21% YoY).
Full-Year: 21.2% (down from 24.7% in 2023).
Comparable Operating Margin (Non-GAAP):
Q4: 24% (up from 23.1%).
Full-Year: 30% (up from 29.1%).
๐ ๐ฎ๐ฟ๐ด๐ถ๐ป ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐: Growth was supported by strong organic revenue, refranchising efforts, and cost efficiencies, offset by higher input costs and currency headwinds.
โ ๏ธ ๐๐ต๐ฎ๐น๐น๐ฒ๐ป๐ด๐ฒ๐:
Currency Headwinds: A 9-point negative impact on full-year EPS.
Higher Expenses: Rising input costs and operating expenses offset revenue gains.
IRS Tax Litigation: A $6B deposit impacted cash flow.
Refranchising Effects: Affected unit case volume in the Bottling Investments segment.
๐ ๐ช๐ต๐ฎ๐โ๐ ๐ก๐ฒ๐ & ๐ฎ๐ฌ๐ฎ๐ฑ ๐ข๐๐๐น๐ผ๐ผ๐ธ:
Returnable Glass Bottles: 1.6B unit cases added in 2024, serving as an affordable and premium option.
Outlet & Cooler Expansion: 250,000+ new outlets and 600,000+ new coolers to boost sales.
Organic Revenue Growth (2025): Expected 5% to 6%.
Comparable EPS Growth (2025): 2% to 3%, factoring in a 6-7% currency headwind.
Free Cash Flow (2025): Estimated at $9.5B, excluding fairlife contingent payment.
Global Minimum Tax Impact: 2025 effective tax rate at 20.8%.
๐ ๐๐ฒ๐ ๐๐ป๐๐ฒ๐๐๐ผ๐ฟ ๐ฃ๐ผ๐ถ๐ป๐๐:
Coca-Cola delivered strong organic revenue growth through pricing and concentrate sales.
Managing currency headwinds & rising costs while expanding global reach.
Increased capital expenditures (11% in 2024) to drive long-term growth.
Dividend Growth: Increased for 62 consecutive years!
๐ง๐ต๐ถ๐ ๐ถ๐ ๐๐ต๐ฒ ๐ฝ๐ฒ๐ฟ๐ณ๐ฒ๐ฐ๐ ๐๐ถ๐บ๐ฒ ๐๐ผ ๐ฐ๐ผ๐ฝ๐ ๐บ๐ฒ ๐ผ๐ป ๐ฒ๐ง๐ผ๐ฟ๐ผโ๐ฑ๐ผ๐ปโ๐ ๐บ๐ถ๐๐ ๐๐ต๐ถ๐ ๐ผ๐ฝ๐ฝ๐ผ๐ฟ๐๐๐ป๐ถ๐๐ ๐๐ผ ๐ด๐ฟ๐ผ๐ ๐ฎ๐น๐ผ๐ป๐ด๐๐ถ๐ฑ๐ฒ ๐บ๐ ๐๐๐ฟ๐ฎ๐๐ฒ๐ด๐.
๐ ๐๐ถ๐๐ฐ๐น๐ฎ๐ถ๐บ๐ฒ๐ฟ: This is my personal opinion and is for informational purposes only. You should not interpret this information as financial or investment advice. $TSLA (-4.32%)
$AAPL (+0.26%)
$NVDA (-3.63%)