Summary by Moomoo AI
Coca-Cola reported Q2 2024 net operating revenues of $12.4 billion, up 3% year-over-year, driven by 6% concentrate sales volume growth and favorable pricing initiatives. Operating income increased 10% to $2.6 billion despite a 16% unfavorable currency impact. Gross profit margin improved to 61.1% from 59.0% in the prior year period.The company saw strong performance in key markets, with Latin America revenues up 20% and North America up 10%. Unit case volume grew 5% in Latin America and 3% in Asia Pacific, while declining 1% in North America. Global price/mix contributed 9% to revenue growth, partially offset by a 6% currency headwind and 5% impact from acquisitions and divestitures.Management updated its outlook, expecting foreign currency fluctuations to have an unfavorable impact on full-year 2024 operating income and cash flows. The company maintained its focus on revenue growth management and strategic pricing initiatives while continuing to invest in marketing. A quarterly dividend of $0.485 per share was declared, payable on October 1, 2024.
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