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Coca-Cola reported strong second quarter 2022 results

Autor: Financial Market
Timp de citit: 2 minute

The Coca-Cola Company today reported second quarter 2022 results that were above expectations and demonstrate resilience in the marketplace amidst ongoing global challenges.

Net revenues grew 12% to $11.3 billion, and organic revenues (non-GAAP) grew 16%. Organic revenue (non-GAAP) performance was strong across operating segments and included 12% growth in price/mix and 4% growth in concentrate sales. Concentrate sales were 4 points behind unit case volume, largely due to the timing of concentrate shipments.

Operating margin was 20.7% versus 29.8% in the prior year, while comparable operating margin (non-GAAP) was 30.7% versus 31.7% in the prior year. Comparable operating margin (non-GAAP) compression was primarily driven by strong topline growth, more than offset by the
impact of the BODYARMOR acquisition, higher operating costs and an increase in marketing investments versus the prior year, and currency headwinds.

Earnings per share declined 28% to $0.44, and comparable EPS (non-GAAP) grew 4% to $0.70. Comparable EPS (non-GAAP) performance included the impact of a 9-point currency headwind.

The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.

Our results this quarter reflect the agility of our business, the strength of our streamlined portfolio of brands, and the actions we’ve taken to execute for growth in the face of challenges in the operating and macroeconomic environment,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We are staying true to our purpose, executing on our strategy and delivering value for
our stakeholders.

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Cash flow from operations was $4.5 billion year-to-date, a decline of $1.0 billion versus the prior year, as strong business performance was more than offset by the impact of cycling the timing of working capital benefits in the prior year and higher 2021 annual incentives in the current year. Free cash flow (non-GAAP) was $4.1 billion, a decline of $1.0 billion versus the prior year.

Sparkling soft drinks grew 8%, driven by growth across all geographic operating segments, primarily led by India, Mexico and Brazil.

Operating income declined 22%, which included items impacting comparability and a 7-point currency headwind.

For full year 2022 the company expects to deliver organic revenue (non-GAAP) growth of 12% to 13% but commodity price inflation is now expected to a high-single digit percentage headwind, after previously saying it expected it to be a mid-single digit headwind.