Coca Cola (KO) Tops Q2 EPS by 2c, Updates Guidance

Coca Cola (NYSE: KO) reported Q2 EPS of $0.63, $0.02 better than the analyst estimate of $0.61. Revenue for the quarter came in at $10 billion versus the consensus estimate of $9.84 billion.

Outlook:

Full Year 2019 Revenues:

• 5% growth in organic revenues (non-GAAP) – Updated
• 12% growth in comparable currency neutral net revenues (non-GAAP), including a 7% tailwind from acquisitions, divestitures and structural items – Updated
• Comparable net revenues (non-GAAP): 4% currency headwind based on the current rates and including the impact of hedged positions – Updated

Full Year 2019 Operating Income:

• 11% to 12% growth in comparable currency neutral operating income (non-GAAP), including a low single-digit tailwind from acquisitions, divestitures and structural items – Updated
• Comparable operating income (non-GAAP): 7% to 8% currency headwind based on the current rates and including the impact of hedged positions – Updated

Full Year 2019 EPS:

• -1% to 1% growth versus $2.08 in 2018 in comparable EPS (non-GAAP) – No Change
• Full Year 2019 Other Items:
• Underlying effective tax rate (non-GAAP): Estimated to be 19.5% – No Change
• Cash from operations: At least $8.5 billion – Updated
• Capital expenditures: Approximately $2.4 billion – Updated
• Net share repurchases (non-GAAP): Share repurchases to offset dilution from employee stock-based compensation plans – No Change
• Third Quarter 2019 Considerations – New:
• Comparable net revenues (non-GAAP): 6% tailwind from acquisitions, divestitures and structural items; 3% currency headwind based on the current rates and including the impact of hedged positions
• Comparable operating income (non-GAAP): 6% currency headwind based on the current rates and including the impact of hedged positions

For earnings history and earnings-related data on Coca Cola (KO) click here.

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