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Coca-Cola reports strong Q4 and full-year 2024 results, driven by pricing and volume growth

Coca-Cola reports strong Q4 and full-year 2024 results

Coca-Cola plant in Whitestown, Indiana, US. The beverage giant reported strong Q4 and full-year 2024 results

The Coca-Cola Company on Tuesday announced robust fourth-quarter and full-year 2024 results, demonstrating the effectiveness of its “all-weather strategy” amidst a dynamic global landscape.

The beverage giant reported a 6 per cent increase in net revenues for the fourth quarter, reaching $11.5 billion (£9.24bn), while organic revenues surged by an impressive 14 per cent. For the full year, net revenues grew 3 per cent to $47.1bn, with organic revenue up 12 per cent.


“Our all-weather strategy is working, and we continue to demonstrate our ability to lead through dynamic external environments,” said James Quincey, chairman and chief executive. “Our global scale, coupled with local-market expertise and the unwavering dedication of our people and our system, uniquely position us to capture the vast opportunities ahead.”

Fourth-quarter organic revenue saw a 14 per cent jump, fueled by a 9 per cent rise in price/mix and a 5 per cent increase in concentrate sales. Full-year organic revenue grew 12 per cent, driven by an 11 per cent increase in price/mix and a 2 per cent rise in concentrate sales.

Fourth-quarter operating margin reached 23.5 per cent, compared to 21.0 per cent in the prior year. Full-year operating margin was 21.2 per cent versus 24.7 per cent in the prior year, impacted by items including a $3.1 billion charge related to the fairlife acquisition. Comparable operating margin expanded for both the quarter and the full year, driven by strong organic revenue growth.

Fourth-quarter earnings per share (EPS) increased 12 per cent to $0.51, with comparable EPS also up 12 per cent to $0.55. Full-year EPS declined slightly to $2.46, while comparable EPS grew 7 per cent to $2.88. Currency headwinds impacted both EPS and comparable EPS performance, the company said.

Coca-Cola added that it gained value share in total non-alcoholic ready-to-drink (NARTD) beverages for both the quarter and the full year.

Global unit case volume grew 2 per cent in the fourth quarter, and 1 per cent for the full year. Sparkling soft drinks grew 2 per cent for both the quarter and the full year. Trademark Coca-Cola also saw 2 per cent growth in both periods.

Juice, value-added dairy and plant-based beverages declined 1 per cent for the quarter and were even for the full year. Water, sports, coffee and tea grew 2 per cent for the quarter and declined 1 per cent for the full year.

The company attributed the decline in coffee, 1 per cent for the quarter and 3 per cent for the full year, to the performance of Costa coffee in the UK.

Looking ahead to 2025, Coca-Cola anticipates organic revenue growth of 5 to 6 per cent and comparable EPS growth of 2 to 3 per cent. However, the company expects a 3 to 4 per cent currency headwind for comparable net revenues and 6 to 7 per cent for comparable EPS.

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