Coca-Cola Q1’ FY23 Earnings
$Coca-Cola(KO.US$ just released their Q1’FY23 earnings - their EPS of $0.68 beats analysts’ estimate of $0.65, while their revenue of $11 bil also beat analyst estimates of $10.81 bil - a better than expected result thanks to the price increases and higher demand for its drinks (very similar story to $Procter & Gamble(PG.US$).
Financial highlights:
1. Net revenue grew 5% y-o-y to $11.0 bil, and organic revenue grew 12% y-o-y
2. Operating income declined 1% y-o-y
3. Operating margin was 30.7% versus 32.5% in prior year (a 1.8% decline)
4. Comparable EPS grew 5% y-o-y to $0.68
Global unit case volume grew 3% y-o-y; Volume in North America remained flat, while it declined 3% in Europe, the Middle East, and Africa. However, the demand was strong in Latin America and the Asia Pacific region
Volume Sales: Sparkling soft drinks unit grew 3% y-o-y (Coca-Cola grew 3% y-o-y, while Coca-Cola Zero Sugar grew 8% y-o-y)
Volume Sales: Water, sports, coffee, and tea division grew 4% y-o-y (mainly driven by water & coffee)
Their CFO has stated that they recently experienced mixed commodity costs, with some inflating (i.e. sweeteners and juices), while there are some deflating (i.e. metals, lumber, copper and steel).
Coca-Cola restated its prior forecast for 2023, projecting comparable revenue growth of 3% to 5% and comparable EPS growth of 4% to 5%.
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