Coca-Cola's Revenue And Profit Shows Resilient Growth Amid Inflation: Goldman Sachs
Coca-Cola's Revenue And Profit Shows Resilient Growth Amid Inflation: Goldman Sachs
Goldman Sachs analyst Bonnie Herzog reiterated a Neutral rating on the shares of Coca-Cola Company (NYSE:KO) with a price target of $60.00.
高盛分析师Bonnie Herzog重申中立评级可口可乐公司（纽交所: KO）股票，并设定目标价格为60.00美元。
KO delivered an impressive second-quarter top line beat, which coupled with strong gross margin expansion led to an EPS beat at $0.84, opined the analyst.
分析师认为，KO发布的第二季度营收超过预期，加上强劲的毛利率扩张，导致每股收益超过0.84美元。
The analyst was caught surprised with the magnitude of the earnings beat yet again.
分析师对盈利超预期的幅度感到惊讶。
The top-line beat was driven by strong price/mix growth of +9% y/y – ahead of the analyst's estimate, which continues to reflect KO's strong pricing power and impressive revenue growth management capabilities.
营收超预期的原因是因为价格/混合增长强劲，同比增长9％，超过分析师的估计，这继续反映了KO的强大定价能力和出色的营收增长管理能力。
Despite some lingering cost pressures and inflation, gross margins expanded ~200bps y/y to 61.4%, with the operating margin also up ~120bps y/y to 32.8%.
尽管存在一些持续的成本压力和通胀，但毛利率同比增长约200个基点至61.4％，营业利润率也同比上升约120个基点至32.8％。
Given the strong quarter, KO raised its FY24 guidance for the second time this year, which is very strong compared to its CPG peers, noted the analyst.
基于强劲的季度表现，KO今年已经第二次提高FY24指导，这与其消费品同行相比非常强劲，分析师指出。
The analyst also noted that the top-line organic growth guidance includes the anticipated pricing impact of several markets experiencing intense inflation.
分析师还指出，营收增长的指导原因包括数个市场预计的定价影响。
Overall, the analyst considers KO's guidance is reflective of still-resilient consumer elasticities and the company's impressive execution in a challenging operating environment.
总体而言，分析师认为KO的指导反映了仍然具有弹性的消费者弹性以及在具有挑战性的运营环境中出色的执行能力。
The analyst expects ongoing f/x headwinds and tempered reported dollar EPS growth this year could weigh on the stock in the near term.
尽管如此，分析师认为今年持续的外汇头风险和受到限制的美元报告的每股收益增长可能会对股票产生影响。
That said, the analyst continues to see a neutral risk/reward given KO's ongoing litigation with the IRS and potential tax liabilities while KO's exposure to floating rate debt and stepped-up f/x headwinds keeps the analyst on the sidelines.
话虽如此，分析师仍认为，由于KO与美国国税局的持续诉讼和潜在税收负担，以及KO暴露于浮动利率债务和加剧的外汇头风险，中立的风险/回报仍然存在。
The analyst's 12-month price target of $60 is based on an equal-weighted P/E of 19.5x and EV/EBITDA of 16.1x, both on the FY25 estimates.
分析师的12个月目标价为60美元，基于等权重的市盈率19.5倍和EV/EBITDA16.1倍，均基于FY25估计。
Price Action: KO shares are trading higher by 0.69% at $65.22 at last check Tuesday.
股价变动：截至上周二最后交易日收盘，KO的股价上涨0.69％，报65.22美元。
Image via Shutterstock
图片来自shutterstock。