Coca-Cola Beats on Q3, Raises Full-Year EPS and Cash Flow Guidance
KO sits 38% above its 52-week low of $67.274.
Summary
Coca-Cola grew Q3 revenue 7% to $13.4 billion and comparable EPS 11% to $0.91, then raised full-year EPS and free cash flow guidance.
Key Events · Earnings and Guidance · KO
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Q3 Revenue Up 7% to $13.4 Billion
Net revenues rose 7% to $13.4 billion on 5% unit case volume growth and 1% price/mix; concentrate sales ran 2 points ahead of volume on shipment timing.
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Comparable EPS Up 11% to $0.91
Reported EPS grew 8% to $0.93 and comparable EPS grew 11% to $0.91, both including a 2-point currency tailwind; operating margin expanded to 33.4% from 32.0%.
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Full-Year Guidance Raised Across the Board
Comparable EPS guidance lifted to at least 11% growth from 9-10%, comparable currency neutral EPS ex-FX/acquisitions to at least 9% from 7-8%, and organic revenue to at least 5% growth.
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Free Cash Flow Target Raised to $13.0 Billion
Full-year free cash flow guidance rose to at least $13.0 billion from approximately $12.4 billion, built on at least $15.2 billion of operating cash flow less about $2.2 billion of capex.
Analysis · KO · Manufacturing
Coca-Cola delivered 7% revenue growth to $13.4 billion and 11% comparable EPS growth to $0.91, then lifted full-year comparable EPS guidance to at least 11% growth from 9-10% and free cash flow to at least $13.0 billion from roughly $12.4 billion. For a $400 billion staple trading near its 52-week high, a guidance raise of this size is the kind of confirmation that supports the multiple rather than repricing it. The one overhang is the previously disclosed IRS tax litigation, which the guidance explicitly excludes.
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At the time of this filing, KO was trading at $92.96 on NYSE in the Manufacturing sector, with a market capitalization of approximately $398.8B. The 52-week trading range was $67.27 to $95.37. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.