Coca-Cola earnings announced

American beverage giant The Coca-Cola Company (NYSE: KO) reported the latest financial results before the opening bell on Wall Street on Tuesday.

Coca-Cola reported revenue of $10.948 billion (up by 7% year-over-year) for the last three months of 2023 vs. $10.675 billion expected.

Earnings per share reached $0.49 (up by 10% year-over-year) vs. $0.489 per share estimate.

The company achieved revenue of $45.8 billion in 2023, up by 6% from 2022. EPS reached at $2.69 per share, up by 8%.

Coca-Cola paid a total of $8 billion in dividends in 2023.

Company overview

• Founded: 1892
• Headquarters: Atlanta, Georgia, United States
• Number of employees: 82,500 (2022)
• Industry: Beverage
• Key people: James Quincey (chairman and CEO), Brian Smith (president and COO)

CEO commentary

“During the year, our people and partners rose to meet new challenges, allowing us to excel globally and deliver in a dynamic world,” CEO of the beverage company, James Quincey said in a statement to shareholders. 

“As we begin a new year, we’re confident that our all-weather strategy, powerful portfolio and harmonized system will continue to create value for our stakeholders in 2024 and for the long term,” Quincey looked ahead.

Stock reaction

Shares were down by 0.87% on Tuesday at $59.18 a share – the lowest since 25/1/24.

Stock performance

• 5 day: -1.55%
• 1 month: -1.63%
• 3 months: +3.35%
• Year-to-date: +0.14%
• 1 year: -0.97%

Coca-Cola stock price targets

• Citigroup: $68
• Barclays: $66
• Jefferies Financial Group: $64
• Morgan Stanley: $65
• JP Morgan Chase & Co.: $62
• Bank of America: $60
• Royal Bank of Canada: $70
• Wedbush: $71
• HSBC: $74
• Evercore ISI: $70
• Deutsche Bank: $63
• Wells Fargo & Company: $68
• Credit Suisse Group: $70
• UBS Group: $70
• The Goldman Sachs Group: $62

The Coca-Cola Company is the 39th largest company in the world with a market cap of $254.80 billion, according to CompaniesMarketCap.

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Sources: The Coca-Cola Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap