Key Takeaways:
- EPS beat by 4.3%
- Revenue beat by 4.8%
- Total revenue: $12.3B, up 2.8% YoY, up 9.6% QoQ
- Global unit case volume grew 2%
- Organic revenue growth of 15%, consisting of 2% unit case growth and 9% price/mix growth
- Concentrate sales were 4 points ahead of unit case volume
- Comparable gross margin expanded by approximately 200 basis points
- Free cash flow was $3.3B, down approximately $700M versus prior year
Forward-Looking Statements and Insights:
James Quincey, Chairman and CEO:
“As we look forward to the second half of the year, the external backdrop remains uncertain, including some signs of pressure in various consumer segments across developed markets. However, thanks to the power of our portfolio, and the unwavering dedication of our system employees, we are confident we will deliver on our updated 2024 guidance and longer-term commitments.”
John Murphy, President and CFO:
“Our updated 2024 guidance reflects the momentum of our business in the first half of the year, and our confidence in our ability to execute on our plans during the second half of this year. We now expect organic revenue growth of 9% to 10%, and comparable currency-neutral earnings per share growth of 13% to 15%.”
