Summary by Moomoo AI
Coca-Cola reported its financial results for the third quarter of 2024 on October 23, 2024. The company experienced a 1% decline in net revenues to $11.9 billion, while organic revenues (non-GAAP) grew by 9%. Operating income saw a significant decrease of 23%, primarily due to a $919 million charge related to the fairlife acquisition and currency headwinds. Despite these challenges, comparable currency neutral operating income (non-GAAP) increased by 14%. Earnings per share (EPS) dropped by 7% to $0.66, but comparable EPS (non-GAAP) rose by 5% to $0.77. Coca-Cola's global unit case volume declined by 1%, with notable growth in Brazil, the Philippines, and Japan, offset by declines in China, Mexico, and Türkiye. The company gained value share in total nonalcoholic ready-to-drink beverages and continued to...Show More