Coca-Cola Starts Year on Strong Note With 5% Organic Sales Growth; Shares Look Inexpensive
Wide-moat Coca-Cola’s first-quarter results tracked in line with our outlook for the year, with organic sales growth around 5% (versus our expectation of 4%) and gross margin of 64% (matching our expectation). Our longer-term outlook, which calls for mid-single-digit top-line growth and average gross margin above 65%, is intact. An uptick in concentrate sales drove 80% of underlying growth, thanks to strong performance in the Europe, Middle East, and Africa (9% concentrate sales growth) and Asia...Coca-Cola is a nonalcoholic beverage company. The company owns or licenses and markets nonalcoholic beverage brands, which it groups into the following category clusters: sparkling soft drinks; water, enhanced water and sports drinks; juice, dairy and plant-based beverages; tea and coffee; and energy drinks. The company's nonalcoholic sparkling soft drink brands are Coca-Cola, Diet Coke, Fanta and Sprite. The company markets, manufactures and sells beverage concentrates and syrups, including fountain syrups; and finished sparkling soft drinks and other nonalcoholic beverages. The company's segments are Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments.
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