Summary by Moomoo AI
Coca-Cola reported its financial results for the first quarter of 2024 on April 30, 2024. The company saw a 1% growth in global unit case volume and a 3% increase in net revenues, reaching $11.3 billion. Organic revenues (non-GAAP) grew by 11%. Despite a 36% decline in operating income due to charges related to fairlife and BODYARMOR trademark remeasurement, comparable currency neutral operating income (non-GAAP) grew by 13%. The operating margin decreased to 18.9% from 30.7% in the previous year, while comparable operating margin (non-GAAP) improved to 32.4% from 31.8%. Earnings per share (EPS) increased by 3% to $0.74, and comparable EPS (non-GAAP) grew by 7% to $0.72. The company gained value share in the total nonalcoholic ready-to-drink beverages market and saw an increase in cash flow from operations to $528 million. Coca-Cola also highlighted the successful launch of Coca-Cola Happy Tears Zero Sugar and the expansion of digital capabilities, including the use of scannable codes on packaging. The company provided updated guidance for 2024, expecting organic revenue growth of 8% to 9% and comparable currency neutral EPS growth of 11% to 13%.