The call reflects a resilient performance with strong organic revenue growth and margin expansion in a challenging environment. Despite volume decline and currency headwinds, the company is confident in its all-weather strategy and long-term growth prospects.

Company Guidance

During The Coca-Cola Company's third quarter 2024 earnings call, the management provided guidance indicating confidence in delivering at the high end of their previous top-line guidance with expected earnings growth of 5% to 6%, despite approximately 9% currency headwinds. The company achieved 9% organic revenue growth in the quarter, with a 10% increase in price/mix, driven by normal pricing actions and intense inflationary pricing in certain markets. Comparable earnings per share grew by 5% year-over-year, reaching $0.77, despite the currency challenges. Looking forward, Coca-Cola expects to achieve approximately 10% organic revenue growth and 14% to 15% comparable currency-neutral earnings per share growth for the full year. For 2025, the company anticipates a low single-digit currency headwind to comparable net revenues and a mid-single-digit currency headwind to comparable earnings per share, with expectations of stable industrial material prices and continued volatility in agricultural commodities. The company remains committed to leveraging productivity levers and investing in brand support while maintaining a strong balance sheet with a net debt leverage of 1.7x EBITDA.

Strong Organic Revenue Growth

The company reported a 9% organic revenue growth in Q3 2024, driven by pricing and mix improvements.

North America Performance

North America delivered a robust top line growth and won value share, with Trademark Coca-Cola and Fairlife leading in retail sales growth.

Margin Expansion

Comparable gross margin increased by approximately 70 basis points and comparable operating margin by 100 basis points.

Successful Innovation and Marketing

Innovative products like Sprite Chill and successful Olympic marketing campaigns contributed to positive engagement and sales.

Fairlife's Strong Growth

Fairlife, a $1 billion brand, continued to drive growth in North America, contributing to mix improvement.

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Coca-Cola (KO) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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KO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 18, 2025	2024 (Q4)	0.52 / -	0.49	―	―	―
Oct 23, 2024	2024 (Q3)	0.74 / 0.77	0.74	4.05% (+0.03)
Jul 23, 2024	2024 (Q2)	0.81 / 0.84	0.78	7.69% (+0.06)
Apr 30, 2024	2024 (Q1)	0.70 / 0.72	0.68	5.88% (+0.04)
Feb 13, 2024	2023 (Q4)	0.49 / 0.49	0.45	8.89% (+0.04)
Oct 24, 2023	2023 (Q3)	0.69 / 0.74	0.69	7.25% (+0.05)
Jul 26, 2023	2023 (Q2)	0.72 / 0.78	0.7	11.43% (+0.08)
Apr 24, 2023	2023 (Q1)	0.65 / 0.68	0.64	6.25% (+0.04)
Feb 14, 2023	2022 (Q4)	0.45 / 0.45	0.45	0.00% (0.00)
Oct 25, 2022	2022 (Q3)	0.64 / 0.69	0.65	6.15% (+0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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KO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 23, 2024	$68.93	$67.50	-2.07%
Jul 23, 2024	$63.84	$64.03	+0.30%
Apr 30, 2024	$60.68	$60.42	-0.43%
Feb 13, 2024	$57.93	$57.59	-0.59%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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