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Coke (KO) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
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For the quarter ended March 2023, Coca-Cola (KO - Free Report) reported revenue of $10.98 billion, up 4.7% over the same period last year. EPS came in at $0.68, compared to $0.64 in the year-ago quarter.
The reported revenue represents a surprise of +1.00% over the Zacks Consensus Estimate of $10.87 billion. With the consensus EPS estimate being $0.65, the EPS surprise was +4.62%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Coke performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Operating Revenue- Global Ventures: $707 million compared to the $683.77 million average estimate based on four analysts. The reported number represents a change of -3% year over year.
Net Operating Revenue- North America- Total: $3.90 billion compared to the $3.89 billion average estimate based on four analysts. The reported number represents a change of +8.8% year over year.
Net Operating Revenue- Latin America- Total: $1.39 billion versus $1.36 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +14.2% change.
Net Operating Revenue- Asia Pacific- Total: $1.37 billion compared to the $1.42 billion average estimate based on four analysts. The reported number represents a change of -2.8% year over year.
Net Operating Revenues- Europe, Middle East & Africa: $2.02 billion versus $1.78 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +10.4% change.
Net Operating Revenue- Bottling investments- Total: $1.95 billion versus the four-analyst average estimate of $2.06 billion. The reported number represents a year-over-year change of -4.8%.
Net Operating Revenue- Corporate- Total: $25 million compared to the $24.43 million average estimate based on three analysts. The reported number represents a change of 0% year over year.
Net Operating Revenues- Intersegment: -$383 million versus -$370.66 million estimated by three analysts on average.
Operating Income- Global Venture- Non-GAAP: $54 million compared to the $48.18 million average estimate based on three analysts.
Operating Income- Europe, Middle East & Africa- Non-GAAP: $1.12 billion versus $1.02 billion estimated by three analysts on average.
Operating Income- Bottling Investments- Non-GAAP: $133 million versus $159.41 million estimated by three analysts on average.
Operating Income- Corporate- Non-GAAP: -$318 million compared to the -$299.96 million average estimate based on three analysts.
Shares of Coke have returned +5.2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Coke (KO) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended March 2023, Coca-Cola (KO - Free Report) reported revenue of $10.98 billion, up 4.7% over the same period last year. EPS came in at $0.68, compared to $0.64 in the year-ago quarter.
The reported revenue represents a surprise of +1.00% over the Zacks Consensus Estimate of $10.87 billion. With the consensus EPS estimate being $0.65, the EPS surprise was +4.62%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Coke performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Operating Revenue- Global Ventures: $707 million compared to the $683.77 million average estimate based on four analysts. The reported number represents a change of -3% year over year.
- Net Operating Revenue- North America- Total: $3.90 billion compared to the $3.89 billion average estimate based on four analysts. The reported number represents a change of +8.8% year over year.
- Net Operating Revenue- Latin America- Total: $1.39 billion versus $1.36 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +14.2% change.
- Net Operating Revenue- Asia Pacific- Total: $1.37 billion compared to the $1.42 billion average estimate based on four analysts. The reported number represents a change of -2.8% year over year.
- Net Operating Revenues- Europe, Middle East & Africa: $2.02 billion versus $1.78 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +10.4% change.
- Net Operating Revenue- Bottling investments- Total: $1.95 billion versus the four-analyst average estimate of $2.06 billion. The reported number represents a year-over-year change of -4.8%.
- Net Operating Revenue- Corporate- Total: $25 million compared to the $24.43 million average estimate based on three analysts. The reported number represents a change of 0% year over year.
- Net Operating Revenues- Intersegment: -$383 million versus -$370.66 million estimated by three analysts on average.
- Operating Income- Global Venture- Non-GAAP: $54 million compared to the $48.18 million average estimate based on three analysts.
- Operating Income- Europe, Middle East & Africa- Non-GAAP: $1.12 billion versus $1.02 billion estimated by three analysts on average.
- Operating Income- Bottling Investments- Non-GAAP: $133 million versus $159.41 million estimated by three analysts on average.
- Operating Income- Corporate- Non-GAAP: -$318 million compared to the -$299.96 million average estimate based on three analysts.
View all Key Company Metrics for Coke here>>>Shares of Coke have returned +5.2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.