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Coca-Cola Q1 reported net revenues grew 5% to $8.0 billion

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Christian Fernsby |
Coca-Cola
Coca-Cola   An estimated 2 points of revenue growth was attributable to timing

The Coca-Cola Company eported a solid start to 2019, with continued momentum that included gaining global value share.

Reported net revenues grew 5% in the first quarter, with positive performance across all operating groups, in addition to a benefit from timing.

Net revenues grew 5% to $8.0 billion.

An estimated 2 points of revenue growth was attributable to timing, primarily related to bottler inventory build in order to manage uncertainty related to Brexit.

Additionally, the quarter included one less day, which resulted in an

pproximate 1-point headwind to revenue growth. Margin: Operating margin for the quarter, which included items impacting comparability, was 29.1% versus 23.7% in the prior year.

Comparable operating margin (non-GAAP) was 30.5% versus 30.7% in the prior year.

Strong underlying margin (non-GAAP) expansion was offset by an approximate 260 basis point negative impact from currency headwinds and net acquisitions.

Earnings per share: EPS from continuing operations grew 24% to $0.38.

Comparable EPS from continuing operations (non-GAAP) grew 2% to $0.48, despite an 11-point currency headwind.

EPS included an estimated 2 cent benefit from timing, primarily from the bottler inventory build related to Brexit.

Market share: The company continued to gain value share in total nonalcoholic ready-to-drink (NARTD) beverages.

Cash flow: Cash from operations was $699 million, up 14%.

Free cash flow (non-GAAP) was $335 million, down 1% as strong underlying cash generation was offset by currency headwinds along with an increase in capital expenditures and cash tax payments.


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