Summary by Moomoo AI
Coca-Cola reported mixed financial results for the six months ended June 28, 2024, with net operating revenues increasing by 3% to $23.663 billion compared to the same period in 2023. Operating income, however, decreased by 17% to $4.773 billion, impacted by refranchising operations in Asia and higher commodity costs. The company's effective tax rate was 19.0%, with income taxes totaling $1.314 billion. Coca-Cola faced various challenges, including a stronger U.S. dollar leading to unfavorable foreign currency exchange rates and increased commodity costs. Despite these challenges, the company saw a 2% increase in concentrate sales volume and benefited from favorable pricing initiatives. Coca-Cola's strategic business developments included the acquisition of brands in Asia Pacific and the refranchising of bottling operations in Vietnam, India, Bangladesh, and...Show More