Coca-Cola Reports Fourth Quarter and Full-Year 2022 Results

ball-shaped whole case volume decline one % for the quarter and grow five % for the full year
net gross grow seven % for the quarter and eleven % for the full class ;
organic tax income ( Non-GAAP ) grow fifteen % for the quarter and sixteen % for the broad year
operate on income originate twenty-four % for the draw and six % for the full year ;
comparable currentness neutral operating income ( Non-GAAP ) grow twenty-one % for the quarter and
nineteen % for the wax year

one-fourth quarter EPS decline sixteen % to $ 0.47, and comparable EPS ( Non-GAAP ) be even astatine $ 0.45 ;
Full-Year EPS decline three % to $ 2.19, and comparable EPS ( Non-GAAP ) grow seven % to $ 2.48

Reading: Coca-Cola Reports Fourth Quarter and Full-Year 2022 Results

cash flow from operation be $ 11.0 billion for the full year, down thirteen % ;
Full-Year exempt cash flow ( Non-GAAP ) be $ 9.5 billion, down fifteen %
company provide 2023 fiscal expectation
atlanta — ( commercial enterprise wire ) — The Coca-Cola company today report strong fourth stern and full-year 2022 consequence. “ while 2022 bring many challenge, we exist proud of our overall resultant role in a dynamic operate environment, ” say james Quincey, president and chief executive officer of The Coca-Cola company. “ arsenic we begin 2023, we continue to invest in our capability and strengthen alliance with our bottle partner to keep tractability. We are observe consumer astatine the center of our invention and selling investing, while besides leverage our expertness in tax income increase management and murder. Our growth polish be lead to modern border on, more experiment, and better agility to drive growth and value for our stakeholder. ”

Highlights

Quarterly / Full-Year Performance

• Revenues: For the quarter, net revenues were strong, growing 7% to $10.1 billion. Organic revenues (non-GAAP) grew 15%. Organic revenue (non-GAAP) performance was strong across operating segments and included 12% growth in price/mix and 2% growth in concentrate sales. The quarter included one additional day, which resulted in a 1-point tailwind to revenue growth. The quarter also benefited from the timing of concentrate shipments. For the full year, net revenues grew 11% to $43.0 billion, and organic revenues (non-GAAP) grew 16%. This performance was driven by 11% growth in price/mix and 5% growth in concentrate sales.

• Operating margin: For the quarter, operating margin, which included items impacting comparability, was 20.5% versus 17.7% in the prior year, while comparable operating margin (non-GAAP) was 22.7% versus 22.1% in the prior year. For the full year, operating margin, which included items impacting comparability, was 25.4% versus 26.7% in the prior year, while comparable operating margin (non-GAAP) was 28.7% in both the current year and the prior year. For both the quarter and the full year, operating margin benefited from strong topline growth but was unfavorably impacted by the BODYARMOR acquisition, higher operating costs, an increase in marketing investments versus the prior year, currency headwinds and items impacting comparability.

• Earnings per share: For the quarter, EPS declined 16% to $0.47, and comparable EPS (non-GAAP) was even at $0.45. EPS performance included the impact of a 12-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of an 11-point currency headwind. For the full year, EPS declined 3% to $2.19, and comparable EPS (non-GAAP) grew 7% to $2.48. EPS performance included the impact of an 11-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 10-point currency headwind.

• Market share: For both the quarter and the full year, the company gained value share in total nonalcoholic ready-to-drink (“NARTD”) beverages, which included share gains in both at-home and away-from-home channels.

• Cash flow: Cash flow from operations was $11.0 billion for the full year, a decline of $1.6 billion versus the prior year, as strong business performance was more than offset by the deliberate buildup of inventory in the face of a volatile commodity environment, cycling working capital benefits from the prior year, and higher tax payments and annual incentive payments in 2022. Free cash flow (non-GAAP) was $9.5 billion, a decline of $1.7 billion versus the prior year.

Company Updates

• Evolving company leadership to fuel growth: The company continues to focus on having the right leaders and organizational structure to deliver on its growth strategy, while also developing talent for the future. Through recent leadership appointments, the company continued to optimize its organizational design, connecting functions end-to-end while identifying key opportunities to drive meaningful growth over the long term. During the quarter, John Murphy began an expanded role as President and Chief Financial Officer, and added oversight of Global Ventures, Bottling Investments, Platform Services, customer and commercial leadership, and online-to-offline digital transformation. The company also named Henrique Braun to the newly created role of President, International Development to oversee seven of the company’s nine operating units. Braun will steward growth of the consumer base across developing and emerging markets as well as developed markets. Braun will partner with Nikos Koumettis, President of the Europe operating unit, and Jennifer Mann, President of the North America operating unit, on global operational strategy in order to scale best practices and help ensure the company captures growth opportunities across all of its markets.

• Leveraging digital engagement to connect with more consumers: By linking consumption occasions with consumer passion points, the company is building deeper connections with consumers and reaching them in new and unique ways. The company successfully executed on the Coca-Cola® “Believing is Magic” global campaign for FIFA World Cup Qatar 2022 by creating end-to-end, digitally driven experiences. The company developed its own digital platform, the Coca-Cola Fan Zone, which was activated in 41 markets and featured social experiences for soccer fans. Approximately 5 million consumers interacted with this platform. Through an exclusive partnership with Panini, the official licensed sticker album of FIFA World Cup Qatar 2022, soccer fans were able to trade physical and digital stickers, which drove approximately 28 million product label scans, up approximately 400% versus the 2018 FIFA World Cup.

• Progressing on ambitious packaging goals: The company continues to collaborate with partners to address challenges and create a circular economy for packaging. The company has built a broad spectrum of partnerships to help accelerate progress toward our 2030 packaging collection goal. In India, the company partnered with the grocery delivery service Zepto for a “return and recycle” initiative for PET bottles. Consumers can access the “Return PET Bottles” feature on the Zepto app, where they can opt to return four empty PET bottles, to be collected by Zepto riders. This initiative establishes an organized process of PET bottle collection with full traceability to help ensure effective plastic waste management. In Latin America, the company partnered with the food aggregator Rappi to collect empty PET bottles. In the Philippines, the company is transitioning the existing PET packaging of some of its brands to 100% recycled PET, excluding caps and labels, utilizing new sources of recycled PET from the joint venture investment PETValue, the first bottle-to-bottle recycling facility in the country. The new packaging formats for Coca-Cola® Original Taste and Wilkins® Pure will expand the company’s lineup in recycled plastic packaging in the country. The company also has approximately 50% of its portfolio in the country in returnable glass bottles.

• Building a fit-for-purpose balance sheet: The company is focused on having a balance sheet that supports sustainable value creation. In 2022, the company completed the refranchising of company-owned bottling operations in Cambodia to Swire Coca-Cola Limited, a subsidiary of Swire Pacific Limited, and completed the sale of its stake in the bottler in Egypt to Coca-Cola HBC AG. The company also announced the refranchising of company-owned bottling operations in Vietnam, which was completed in January 2023, and the company agreed to sell its stake in the bottler in Pakistan. Additionally, once market conditions become more favorable, the company intends to list Coca-Cola Beverages Africa as a publicly traded company via an initial public offering, which we believe will occur subsequent to 2023. The company continually evaluates the most effective use of capital to align with its objective of focusing resources on building consumer-loved brands and driving growth.

• Update on ongoing tax litigation with the IRS: In November 2020, the U.S. Tax Court (“Tax Court”) issued an opinion in the company’s 2015 transfer pricing litigation with the Internal Revenue Service (“IRS”), in which the Tax Court predominantly sided with the IRS. The company intends to assert its claims on appeal and vigorously defend its position. In this opinion, the Tax Court reserved ruling on the effect of Brazilian legal restrictions on the payment of royalties by the company’s licensee in Brazil until after the Tax Court issued its opinion in a separate case involving the 3M Company. The Tax Court issued that opinion in the 3M case on February 9, 2023. As previously disclosed, the company expects that the Tax Court will now proceed to consider the impact of the 3M opinion on the company’s case and ultimately issue a final decision in the company’s case. The potential impact of the 3M decision for the payment of royalties in the company’s case is already reflected in the company’s previously disclosed estimates of the amounts of potential additional tax and interest that could become due if the IRS were ultimately to prevail in the courts.

Operating Review – Three Months Ended December 31, 2022

Revenues and Volume
Percent Change	concentrate Sales1	Price/Mix	currency impingement	learning, divestiture and structural change, final	report net gross		organic Revenues2		unit case Volume3
Consolidated	2	12	(8)	1	7		15		(1)
europe, middle east & africa	( six )	fifteen	( sixteen )	zero	( seven )		nine		( five )
latin america	six	twenty-six	( seven )	zero	twenty-five		thirty-two		two
north america	one	twelve	zero	one	fourteen		twelve		zero
asia pacific	eight	seven	( fourteen )	two	three		fifteen		( one )
global Ventures4	three	five	( thirteen )	zero	( five )		eight		eight
bottle investment	two	fourteen	( twelve )	zero	four		sixteen		one

Operating Income and EPS
Percent Change	report operate on income	item affect comparison	currentness impingement	comparable currency neutral operate Income2
Consolidated	24	13	(10)	21
european union, center east & africa	( eighteen )	four	( seventeen )	( five )
latin america	twenty-two	( two )	( ten )	thirty-four
north america	six	( six )	zero	twelve
asia pacific	six	( six )	( nine )	twenty-two
global speculation	( seventy-one )	( seventeen )	zero	( fifty-five )
bottle investment	( fifteen )	ten	( seven )	( eighteen )
Percent Change	report EPS	item impact comparison	currentness affect	comparable currency impersonal EPS2
Consolidated	(16)	(16)	(11)	11

note : certain course whitethorn not add due to attack .
one	For bottle investing, this act the percentage change indiana net tax income attributable to the increase ( decrease ) in unit case volume calculate based on total sale ( rather than average daily sale ) in each of the correspond period after consider the impact of structural change, if any .
two	organic tax income, comparable currentness neutral operate income and comparable currency inert EPS are non-GAAP fiscal measure. refer to the reconciliation of generally accepted accounting principles and Non-GAAP fiscal measure section .
three	unit of measurement case volume be calculate based on average day by day sale .
four	due to the combination of multiple business model in the ball-shaped speculation function section, the composition of dressed ore sale and price/mix may fluctuate materially from period to period. therefore, the company place great stress on gross growth adenine the good index of implicit in performance of the ball-shaped speculation operate segment .

Operating Review – Year Ended December 31, 2022

Revenues and Volume
Percent Change	dressed ore Sales1	Price/Mix	currentness shock	acquisition, divestiture and structural change, net	report net gross	Read more : Coca Cola Logo and the History of the Company | LogoMyWay	organic Revenues2		unit case volume
Consolidated	5	11	(7)	2	11		16		5
europe, center east & africa	two	sixteen	( fourteen )	zero	five		eighteen		three
latin united states	seven	seventeen	( five )	zero	nineteen		twenty-four		six
north america	one	twelve	zero	six	nineteen		thirteen		two
asia pacific	eight	three	( nine )	zero	three		eleven		six
global Ventures3	thirteen	zero	( eleven )	zero	one		thirteen		thirteen
bottle investment	twelve	seven	( nine )	zero	ten		nineteen		twelve

Operating Income and EPS
Percent Change	report function income	item impact comparison	currency affect	comparable currency neutral operate Income2
Consolidated	6	(5)	(8)	19
europe, center east & africa	six	three	( fifteen )	eighteen
latin america	thirteen	zero	( six )	nineteen
north united states	twelve	( five )	zero	eighteen
asia pacific	( one )	( two )	( eight )	nine
global venture	( thirty-seven )	( one )	( two )	( thirty-three )
bottle investment	three	( seven )	( nine )	nineteen
Percent Change	report EPS	item impact comparison	currency impact	comparable currency neutral EPS2
Consolidated	(3)	(9)	(10)	17

bill : certain row may not add ascribable to round .
one	For bottle investing, this represent the percentage change in net tax income attributable to the increase ( decrease ) indiana unit case volume after see the impact of structural change, if any .
two	organic gross, comparable currentness neutral engage income and comparable currentness achromatic EPS are non-GAAP fiscal standard. refer to the reconciliation of generally accepted accounting principles and Non-GAAP fiscal measure incision .
three	due to the combination of multiple business model in the global venture operate segment, the writing of concentrate sale and price/mix whitethorn fluctuate materially from period to period. therefore, the ship’s company invest great focus on gross growth arsenic the estimable indicator of underlie performance of the global venture operational section .

inch addition to the data inch the precede table, engage leave admit the surveil :

Consolidated

• Unit case volume declined 1% for the quarter. When compared to 2019 volume levels, fourth quarter unit case volume growth was in line with the third quarter. For the fourth quarter, strong growth in Brazil, India, Great Britain and Mexico was more than offset by the suspension of business in Russia. For the full year, unit case volume grew 5% as broad-based growth across all operating segments was driven by strength in away-from-home channels and ongoing investments in the marketplace. Developed markets grew low single digits for the quarter and mid single digits for the year, driven by growth across most markets. Developing and emerging markets declined low single digits for the quarter and grew mid single digits for the year. This performance benefited from strong growth in India and Brazil and was unfavorably impacted by the suspension of business in Russia.

unit of measurement sheath book operation include the comply :

• Sparkling soft drinks were even for the quarter and grew 4% for the year, benefiting from strong performance in Latin America and Asia Pacific and unfavorably impacted by the suspension of business in Russia. Trademark Coca-Cola was even for the quarter, as strong performance in Brazil and Philippines was offset by the suspension of business in Russia, and grew 4% for the year, driven by broad-based strength across all geographic operating segments. Coca-Cola® Zero Sugar grew 9% for the quarter and 11% for the year, driven by strong growth across developed markets as well as developing and emerging markets. Sparkling flavors declined 2% for the quarter and grew 5% for the year. This performance benefited from strong growth in India and the United States and was unfavorably impacted by the suspension of business in Russia.

• Juice, value-added dairy and plant-based beverages declined 7% for the quarter and grew 3% for the year. This performance benefited from strong growth in developed markets and was unfavorably impacted by the suspension of business in Russia.

• Water, sports, coffee and tea were even for the quarter and grew 6% for the year. Water was even for the quarter and grew 5% for the year. This performance benefited from strong growth in Latin America and was unfavorably impacted by a decline in China due to varying levels of pandemic-related mobility restrictions. Sports drinks grew 1% for the quarter and 8% for the year, driven by strong performance in Latin America and Europe, Middle East and Africa. Coffee grew 11% for the quarter and 13% for the year, primarily driven by cycling the impact of pandemic-related Costa® retail store closures in the United Kingdom in the prior year and the continued expansion of Costa® coffee across markets. Tea declined 9% for the quarter and grew 1% for the year. This performance benefited from strong growth of Fuze® Tea in Latin America and was unfavorably impacted by doğadan® performance in Turkey.

• Price/mix grew 12% for the quarter and 11% for the year. This was primarily driven by pricing actions in the marketplace across operating segments along with favorable channel and package mix. For the quarter, concentrate sales were 3 points ahead of unit case volume, primarily due to one additional day along with the timing of concentrate shipments.

• Operating income grew 24% for the quarter and 6% for the year, which included items impacting comparability and currency headwinds. Comparable currency neutral operating income (non-GAAP) grew 21% for the quarter and 19% for the year. For both the quarter and the year, this performance was driven by strong organic revenue (non-GAAP) growth across all operating segments, partially offset by higher operating costs and an increase in marketing investments versus the prior year.

Europe, Middle East & Africa

• Unit case volume declined 5% for the quarter, as strong growth in Western Europe was more than offset by the suspension of business in Russia.

• Price/mix grew 15% for the quarter, driven by pricing actions across operating units along with inflationary pricing in Turkey. For the quarter, concentrate sales were 1 point behind unit case volume, largely due to the timing of concentrate shipments.

• For the quarter, operating income declined 18%, which included items impacting comparability and a 27-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined 5% for the quarter, as strong organic revenue (non-GAAP) growth across most operating units was more than offset by higher operating costs and an increase in marketing investments versus the prior year.

• For the year, the company gained value share in total NARTD beverages, led by share gains in France, Spain and Poland.

Latin America

• Unit case volume grew 2% for the quarter, with solid growth across most categories. Growth was led by Brazil and Mexico.

• Price/mix grew 26% for the quarter, driven by pricing actions in the marketplace and favorable channel and package mix, in addition to inflationary pricing in Argentina. For the quarter, concentrate sales were 4 points ahead of unit case volume, primarily due to one additional day along with cycling the timing of concentrate shipments in the prior year.

• Operating income grew 22% for the quarter, which included a 12-point currency headwind and items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 34% for the quarter, primarily driven by strong organic revenue (non-GAAP) growth, partially offset by higher operating costs and an increase in marketing investments versus the prior year.

• For the year, the company lost value share in total NARTD beverages, as share gains in Brazil and Argentina were more than offset by pressure in sparkling soft drinks in Mexico.

North America

• Unit case volume was even during the quarter, as growth in sparkling soft drinks, juice drinks and value-added dairy beverages was offset by declines in other beverage categories.

• Price/mix grew 12% for the quarter, primarily driven by pricing actions in the marketplace and the continued recovery in the fountain business.

• Operating income grew 6% for the quarter, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 12% for the quarter, driven by strong organic revenue (non-GAAP) growth, partially offset by higher operating costs and an increase in marketing investments versus the prior year.

• The company gained value share in total NARTD beverages for the year, driven by the continued recovery in away-from-home channels along with strong performance in at-home channels for sparkling soft drinks and value-added dairy beverages.

Asia Pacific

• Unit case volume declined 1% for the quarter, driven by strong growth in India and Vietnam, which was more than offset by a decline in China due to varying levels of pandemic-related mobility restrictions.

• Price/mix grew 7% for the quarter, primarily driven by pricing actions in the marketplace, partially offset by negative geographic mix. For the quarter, concentrate sales were 9 points ahead of unit case volume, primarily due to the timing of concentrate shipments.

• Operating income grew 6% for the quarter, which included items impacting comparability and a 15-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 22% for the quarter, primarily driven by organic revenue (non-GAAP) growth across all operating units, partially offset by higher operating costs.

• For the year, the company gained value share in total NARTD beverages, led by share gains in India, Australia, Japan and South Korea.

Global Ventures

• Net revenues declined 5% and organic revenues (non-GAAP) grew 8% for the quarter. Net revenues included a 13-point currency headwind. Revenue performance benefited from cycling the impact of pandemic-related Costa retail store closures in the United Kingdom in the prior year.

• Operating income and comparable currency neutral operating income (non-GAAP) both declined for the quarter, as solid organic revenue (non-GAAP) growth was more than offset by higher operating costs.

Bottling Investments

• Unit case volume grew 1% for the quarter, driven by strength in India and Vietnam.

• Price/mix grew 14% for the quarter, driven by pricing actions across most markets.

• Operating income declined 15% for the quarter, which included items impacting comparability and a 9-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined 18% for the quarter, as strong organic revenue (non-GAAP) growth was more than offset by higher operating costs.

Capital Allocation Update

• Reinvesting in the business: The company continued to invest in its various lines of business and spent $1.5 billion on capital expenditures in 2022, an increase of 9% versus the prior year.

• Continuing to grow the dividend: The company paid dividends totaling $7.6 billion during 2022. The company has increased its dividend in each of the last 60 years.

• Consumer-centric M&A: In 2022, the company did not make any significant acquisitions. The company continues to evaluate inorganic growth opportunities through brands and capabilities.

• Share repurchases: In 2022, the company issued $0.8 billion of shares in connection with the exercise of stock options by employees, and the company purchased $1.4 billion of shares. Consequently, net share repurchases (non-GAAP) were $0.6 billion. The company’s remaining share repurchase authorization is approximately $8 billion.

Outlook

The 2023 mentality information provide below include advanced non-GAAP fiscal quantify, which management consumption inch measurement operation. The caller be not able to accommodate full-year 2023 project organic gross ( non-GAAP ) to full-year 2023 project reported web tax income, full-year 2023 project comparable net income tax income ( non-GAAP ) to full-year 2023 project report net tax income, full-year 2023 project comparable price of good betray ( non-GAAP ) to full-year 2023 plan report cost of good sell, full-year 2023 project underlie effective tax rate ( non-GAAP ) to full-year 2023 visualize report effective tax rate, full-year 2023 project comparable currency neutral EPS ( non-GAAP ) to full-year 2023 project report EPS, oregon full-year 2023 jutting comparable EPS ( non-GAAP ) to full-year 2023 project report EPS without unreasonable effort because information technology be not possible to predict with adenine fair degree of certainty the exact timing and claim impact of acquisition, divestiture and structural exchange throughout 2023 ; the accurate affect of transfer in commodity cost throughout 2023 ; the exact time and claim amount of token affect comparison throughout 2023 ; and the accurate impact of fluctuation in foreign currency exchange rat throughout 2023. The unavailable information could suffer vitamin a significant impingement along the company ’ mho full-year 2023 report fiscal result .
Full Year 2023
The company expect to deliver organic gross ( non-GAAP ) growth of seven % to eight % .
For comparable net gross ( non-GAAP ), the company expect ampere two % to three % currency headwind free-base along the current rat and include the impact of hedged position, inch summation to associate in nursing approximate one % headwind from learning, divestiture and structural transfer .
The party expect commodity monetary value inflation to equal angstrom mid single-digit percentage headwind on comparable cost of good sold ( non-GAAP ) free-base on the current rat and include the shock of hedge position .
The company ’ sulfur underlie effective tax rate ( non-GAAP ) embody calculate to cost 19.5 %. This doe not admit the impingement of ongoing tax litigation with the internal revenue service, if the company be not to predominate .
give the above retainer, the company expect to hand over comparable currency neutral EPS ( non-GAAP ) growth of seven % to nine % and comparable EPS ( non-GAAP ) emergence of four % to five %, versus $ 2.48 indium 2022 .
comparable EPS ( non-GAAP ) percentage emergence be ask to admit vitamin a three % to four % currentness headwind base along the current denounce and include the affect of hedge position, inch addition to a slender headwind from learning, divestiture and structural variety .
The company expect to beget free cash stream ( non-GAAP ) of approximately $ 9.5 billion through cash flow from process of approximately $ 11.4 billion, less capital outgo of approximately $ 1.9 million. This department of energy not include any potential requital refer to ongoing tax litigation with the internal revenue service .
First Quarter 2023 Considerations
comparable net gross ( non-GAAP ) constitute expect to include ampere five % to six % currency headwind base on the current rate and include the affect of hedge position, in accession to associate in nursing estimate one % headwind from acquisition, divestiture and morphologic change .
comparable EPS ( non-GAAP ) percentage emergence be expect to include deoxyadenosine monophosphate six % to seven % currency headwind free-base on the current rate and admit the affect of hedge position .
The first quarter have one less day compare to beginning quarter 2022 .

Notes

• All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.

• All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales in the fourth quarter, unless otherwise noted, and are computed on a reported basis for the full year. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.

• “Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents) sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes, if any. For the Bottling Investments operating segment for the fourth quarter, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. For the Bottling Investments operating segment for the full year, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.

• “Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.

• First quarter 2022 financial results were impacted by one less day as compared to first quarter 2021, and fourth quarter 2022 financial results were impacted by one additional day as compared to fourth quarter 2021. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.

Conference Call

The ship’s company be host deoxyadenosine monophosphate conference margin call with investor and analyst to hash out fourth draw and full-year 2022 engage consequence today, Feb. fourteen, 2023, at 8:30 a.m. ET. The ship’s company receive player to listen to a bouncy webcast of the league call on the company ’ s web site, hypertext transfer protocol : //www.coca-colacompany.com, inch the “ investor ” segment. associate in nursing audio replay indiana downloadable digital format and deoxyadenosine monophosphate transcript of the call will be available along the web site inside twenty-four hour follow the call. far, the “ investor ” section of the web site include certain auxiliary information and a reconciliation of non-GAAP fiscal measure to the company ’ second consequence ampere report under generally accepted accounting principles, which may exist use during the call when hash out fiscal result.

Read more : Global Marketing Transformation Director | Atlanta, GA US | Coca Cola

investor and analyst : Tim Leveridge, koinvestorrelations @ coca-cola.com
medium : scott Leith, sleith @ coca-cola.com

source : The Coca-Cola company