Coca-Cola net revenues rose 5% to $9.0 billion in the first quarter of 2021, according to the company’s press release. Revenue was driven by 5% growth in concentrate sales, while price/mix gained 1%.
Operating margin was 30.2%, up from 27.7% in the prior year driven by effective cost management.
GAAP earnings per share fell 19% to $0.52 while non-GAAP EPS grew 8% to $0.55
Cash flow from operations was $1.6 billion, up $1.1 billion from the previous year
Free cash flows were $1.4 billion, up $1.2 billion from the previous year
Coca-Cola lost value share in total nonalcoholic ready-to-drink beverages as an underling share gain in at-home and away-from-home channels
Coca-Cola expects to deliver organic revenue percentage growth of high single digits in FY21
The company expects a 1% to 2% currency tailwind in FY21 based on the current rates and including the impact of hedged positions
Coca-Cola expects to deliver non-GAAP EPS growth of high single digits to low double digits versus $1.95 in 2020
The company expects non-GAAP free cash flow of at least $8.5 billion and capital expenditures of about $1.5 billion in FY21
In Q2 2021, Coca-Cola expects non-GAAP net revenues to include about 3% to 4% currency tailwind
Comparable non-GAAP EPS in Q2 2021 is expected to include about 5% to 6% currency tailwind. Coca-Cola stock is currently gaining. KO: NYSE is up 1.25%
