Beverage giant Coca-Cola (NYSE:KO) announced Q4 earnings that were in line with estimates. The company’s comparable adjusted earnings grew 10% year-over-year to $0.49 per share. Coca-Cola’s revenues increased 7% year-over-year to $10.8 billion, slightly above consensus estimates of $10.7 billion. The rise in revenues was driven by a favorable price and volume mix.
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In FY24, KO expects its adjusted organic revenues to grow in the range of 6% to 7%. On a comparable constant currency basis, adjusted earnings are expected to increase between 8% and 10% year-over-year. In the first quarter, the firm forecasted its adjusted revenues to face a 4% currency headwind and a 2% headwind from acquisitions, divestitures, and structural changes. Its comparable adjusted EPS in Q1 is likely to experience a currency headwind of 8%, along with a 1% impact from acquisitions, divestitures, and structural changes.
Is Coke a Buy, Sell, or Hold?
Analysts remain bullish about KO with a Strong Buy consensus rating based on seven Buys and two Holds. Over the past year, KO stock has inched up by more than 1%, and the average KO price target of $65.89 implies an upside potential of 10.4% at current levels.
