Coca Cola (KO) Reports In-Line Q3 EPS, Offers Outlook

Coca Cola (NYSE: KO) reported Q3 EPS of $0.56, in-line with the analyst estimate of $0.56. Revenue for the quarter came in at $9.5 billion versus the consensus estimate of $9.45 billion.

Full Year 2019 Revenues:

• At least 5% growth in organic revenues (non-GAAP) – Updated
• At least 12% growth in comparable currency neutral net revenues (non-GAAP), including a 7% tailwind from acquisitions, divestitures and structural items – Updated
• Comparable net revenues (non-GAAP): 4% to 5% currency headwind based on the current rates and including the impact of hedged positions – Updated

Full Year 2019 Operating Income:

• 12% to 13% growth in comparable currency neutral operating income (non-GAAP), including a low single-digit tailwind from acquisitions, divestitures and structural items – Updated
• Comparable operating income (non-GAAP): 8% to 9% currency headwind based on the current rates and including the impact of hedged positions – Updated

Full Year 2019 EPS:

• -1% to 1% growth versus $2.08 in 2018 in comparable EPS (non-GAAP) – No Change

Full Year 2019 Other Items:

• Underlying effective tax rate (non-GAAP): Estimated to be 19.5% – No Change
• Cash from operations: At least $8.8 billion – Updated
• Capital expenditures: Approximately $2.2 billion – Updated
• Net share repurchases (non-GAAP): Expect share repurchases to offset dilution from employee stock-based compensation plans – No Change

Fourth Quarter 2019 Considerations – New:

• Comparable net revenues (non-GAAP): 12% tailwind from acquisitions, divestitures and structural items; 3% currency headwind based on the current rates and including the impact of hedged positions
• Comparable operating income (non-GAAP): 7% currency headwind based on the current rates and including the impact of hedged positions

Full Year 2020 Considerations – New:

• Comparable net revenues (non-GAAP): 1% to 2% currency headwind based on the current rates and including the impact of hedged positions
• Comparable operating income (non-GAAP): 2% to 3% currency headwind based on the current rates and including the impact of hedged positions

For earnings history and earnings-related data on Coca Cola (KO) click here.

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