Summary by Moomoo AI
Coca-Cola has reported a mixed financial performance for the quarter ended September 27, 2024. The company's net operating revenues saw a slight decrease of 1% to $11,854 million compared to $11,953 million in the same period last year. Operating income also declined by 23% to $2,510 million from $3,270 million, primarily due to refranchising activities in Asia and higher commodity costs, despite an increase in concentrate sales volume and favorable pricing initiatives. Equity income saw a modest increase of 5% to $541 million. The company's effective tax rate was 15.7%, with income taxes amounting to $530 million. Coca-Cola's strategic business developments included the refranchising of bottling operations in the Philippines, Bangladesh, and India, and the sale of a portion of its interest in Coke Consolidated. Looking ahead...Show More
