Earnings Review and Free Research Report: Coca-Cola’s Q3 Organic Revenue Rose 4% Y-o-Y

Research Desk Line-up: SodaStream Intl. Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 10, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The Coca-Cola Co. (NYSE: KO), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=KO, following the Company's announcement of its financial results for the third quarter fiscal 2017 (Q3 FY17) on October 25, 2017. The Atlanta, Georgia-based Company's quarterly non-GAAP diluted EPS grew 2% y-o-y beating market consensus forecast.

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Earnings Reviewed

During the quarter ended on September 30, 2017, Coca-Cola reported net operating revenues of $9.08 billion, which came in at 15% below $10.63 billion recorded at the end of Q3 FY16. However, net operating revenues numbers for the reported quarter outperformed market expectations of $8.84 billion. The Company faced a 18% headwind due to the ongoing refranchising of bottling territories. Meanwhile, Organic revenues (non-GAAP) grew 4%, primarily attributed to price/mix growth of 3% and concentrate sales growth of 1%. Furthermore, Core business organic revenues (non-GAAP) also grew 4% with price/mix growth, supported by growth in each of the Company's operating segments.

The beverage company reported Q3 FY17 net income attributable to shareowners of Coca-Cola of $1.45 billion, or $0.33 per diluted share, compared to $1.05 billion, or $0.24 per diluted share, in Q3 FY16. The Company's non-GAAP net income attributable to shareowners of Coca-Cola came in at $2.18 billion, or $0.50 per diluted share, for Q3 FY17 compared to $2.15 billion, or $0.49 per diluted share, in the year-ago same quarter. Wall Street had expected the Company to report non-GAAP net income of $0.49 per diluted share.

Operating Metrics

In Q3 FY17, the Company's non-GAAP gross profit fell to $5.69 billion from $6.49 billion in the prior year's corresponding quarter. However, non-GAAP gross margin improved to 62.8% of net operating revenues in Q3 FY17 from 61.1% of net operating revenue in last year's comparable quarter. Coca-Cola's Q3 FY17 non-GAAP operating income was $2.48 billion, or 27.4% of net operating revenues, compared to $2.48 billion, or $23.4% of net operating revenues, in Q3 FY16.

Coca-Cola's Segment Performance

During Q3 FY17, Europe, Middle-East, and Africa (EMEA) segment's revenue came in at $1.96 billion compared to $1.85 billion in the year-ago same period. The segment reported Q3 FY17 operating income of $936 million compared to $914 million in Q3 FY16.

The Latin America business revenues were $1.04 billion in Q3 FY17, which was 7% higher than last year's recorded revenues numbers of $965 million. The segment's Q3 FY17 operating income was $563 million versus $435 million in Q3 FY16.

North America segment reported revenues of $2.75 billion in Q3 FY17, up 3% from $2.66 billion recorded in Q3 FY16. The segment had an operating income of $646 million in Q3 FY17 compared to $666 million in the last year's same quarter.

The Company's Asia/Pacific segment revenues fell 2% y-o-y to $1.43 billion in Q3 FY17. Furthermore, the segment's operating income came in at $577 million in Q3 FY17 compared to $583 million in the year-ago same quarter.

In Q3 FY17, the Bottling Investments segment's revenue declined 50% y-o-y to $2.43 billion. Meanwhile, the segment posted operating loss of $217 million in Q3 FY17 compared to operating income of $124 million in Q3 FY16.

Cash Flow & Balance Sheet

For the nine months ended September 30, 2017, Coca-Cola reported net cash flow from operations of $5.92 billion compared to $6.72 billion in the year-ago comparable period. The Company had cash and cash equivalents balance of $12.53 billion as on September 30, 2017, compared to $8.56 billion at the close of books on December 31, 2016. Furthermore, the Company ended the year with total long-term debt of $32.47 billion compared to $29.68 billion as on December 31, 2016.

Dividend

In a separate press release on October 19, 2017, Coca-Cola's Board of Directors declared a regular quarterly dividend of $0.37 per common share. The dividend is payable on December 15, 2017, to shareowners of record of the Company as of the close of business on December 01, 2017.

Outlook

In its guidance for full FY17, Coca-Cola expects organic revenues growth to be approximately 3%. The Company's management further anticipates a 2% y-o-y decline in comparable non-GAAP EPS during FY17.

Stock Performance

On Thursday, November 09, 2017, the stock closed the trading session at $46.23, slightly up 0.11% from its previous closing price of $46.18. A total volume of 6.50 million shares have exchanged hands. Coca-Cola's stock price advanced 1.40% in the last three months, 6.06% in the past six months, and 9.37% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 11.51%. The stock is trading at a PE ratio of 43.99 and has a dividend yield of 3.20%. At Thursday's closing price, the stock's net capitalization stands at $196.59 billion.

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