Coca-Cola reported financial results for Q4 and full-year 2022 ahead of the Wall Street opening session that turned out to be mostly in-line with market expectations.

Net revenues for the quarter were strong, growing 7% to $10.1 billion while organic revenues (non-GAAP) grew 15% across operating segments and included 12% growth in price/mix and 2% growth in concentrate sales.

For the full year, net revenues grew 11% to $43.0 billion, and organic revenues (non-GAAP) grew 16%. This performance was driven by 11% growth in price/mix and 5% growth in concentrate sales.

Q4 EPS declined 16% to $0.47, and comparable EPS (non-GAAP) was even at $0.45. EPS performance included the impact of a 12-point currency headwind while full year, EPS declined 3% to $2.19.

Q4 net income came at $2.03 billion, a 16% decrease, while FY 2022 net income was $9.54 billion, 2% lower year-over-year.

For the quarter, operating margin was 20.5% versus 17.7% in the prior year and benefited from strong topline growth but was unfavorably impacted by the BODYARMOR acquisition, higher operating costs, an increase in marketing investments versus the prior year and currency headwinds.

For both the quarter and the full year, the company gained market share in total nonalcoholic readyto-drink (“NARTD”) beverages, which included share gains in both at-home and away-from-home channels.

Cash flow from operations was $11.0 billion for the full year, a decline of $1.6 billion versus the prior year, as strong business performance was more than offset by the deliberate buildup of inventory in the face of a volatile commodity environment, cycling working capital benefits from the prior year, and higher tax payments and annual incentive payments in 2022. Free cash flow (non-GAAP) was $9.5 billion, a decline of $1.7 billion versus the prior year.

At consolidated level, unit case volume declined 1% for the quarter when compared to 2019 volume levels. Strong growth in Brazil, India, Great Britain and Mexico was more than offset by the suspension of business in Russia.

For the full year, unit case volume grew 5% as broad-based growth across all operating segments was driven by strength in away-from home channels and ongoing investments in the marketplace.

Developed markets grew low single digits for the quarter and mid single digits for the year, driven by growth across most markets. Developing and emerging markets declined low single digits for the quarter and grew mid single digits for the year.

This performance benefited from strong growth in India and Brazil and was unfavorably impacted by the suspension of business in Russia.

Full Year 2023 outlook
The company expects to deliver organic revenue (non-GAAP) growth of 7% to 8% and a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.

The company expects commodity price inflation to be a mid single-digit percentage headwind on comparable cost of goods sold (non-GAAP) based on the current rates and including the impact of hedged positions.

Financial Statements of Income can be found here.