【U.S. Earnings · Coca-Cola】
Coca-Cola $KO Q3 revenue was $13.38 billion, up 7% year over year; organic growth was 7%, and operating profit was $4.465 billion, up 12%. The quality of growth has changed: global unit case volume rose 5%, while price and mix contributed just 1 percentage point. In recent years, the company relied on price hikes to drive revenue. This quarter, growth came from volume.
The issue is leverage. Operating profit grew just 8% on a constant-currency basis, against 7% organic revenue growth—a 1.14x ratio. Volume was up 5 points, but profit grew only 8%; the growth itself isn’t generating much profit.
The regions are following two different playbooks. North American revenue rose 3% with flat volume, entirely on price. Asia-Pacific volume rose 6%, but price and mix fell 2%—volume gained through discounting. In Latin America’s 16% organic growth, volume contributed only 6 percentage points. Coca-Cola Zero Sugar, up 16%, was the only standout product; water rose 8%, while sports drinks fell 3%. If price contributes just 1 point again next year, revenue growth will have to track volume, without price increases to prop it up.
#可口可乐 #BStocks #股票财报季
Coca-Cola $KO Q3 revenue was $13.38 billion, up 7% year over year; organic growth was 7%, and operating profit was $4.465 billion, up 12%. The quality of growth has changed: global unit case volume rose 5%, while price and mix contributed just 1 percentage point. In recent years, the company relied on price hikes to drive revenue. This quarter, growth came from volume.
The issue is leverage. Operating profit grew just 8% on a constant-currency basis, against 7% organic revenue growth—a 1.14x ratio. Volume was up 5 points, but profit grew only 8%; the growth itself isn’t generating much profit.
The regions are following two different playbooks. North American revenue rose 3% with flat volume, entirely on price. Asia-Pacific volume rose 6%, but price and mix fell 2%—volume gained through discounting. In Latin America’s 16% organic growth, volume contributed only 6 percentage points. Coca-Cola Zero Sugar, up 16%, was the only standout product; water rose 8%, while sports drinks fell 3%. If price contributes just 1 point again next year, revenue growth will have to track volume, without price increases to prop it up.
#可口可乐 #BStocks #股票财报季
