Coca-Cola (KO) Tops Q3 EPS by 4c; updates outlook

Coca-Cola (NYSE: KO) reported Q3 EPS of $0.74, $0.04 better than the analyst estimate of $0.70. Revenue for the quarter came in at $12 billion versus the consensus estimate of $11.44 billion.

The company expects to deliver organic revenue (non-GAAP) growth of 10% to 11%. – Updated

For comparable net revenues (non-GAAP), the company expects an approximate 4% 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. – Updated

The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.0%. This does not include the impact of ongoing tax litigation with the IRS, if the company were not to prevail. – Updated

Given the above considerations, the company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 13% to 14% and comparable EPS (non-GAAP) growth of 7% to 8%, versus $2.48 in 2022. – Updated

Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 6% currency headwind based on the current rates and including the impact of hedged positions, in addition to a slight headwind from acquisitions, divestitures and structural changes. – Updated

The company continues to expect to repurchase shares to offset dilution resulting from employee stock-based compensation plans and may also use a portion of the proceeds we expect to receive from nonoperating activities to repurchase additional shares. – Updated

For earnings history and earnings-related data on Coca-Cola (KO) click here.

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