The Coca-Cola Company (NASDAQ:COKE) today reported first quarter 2022 results, showing continued momentum in our marketplace performance. “We are pleased with our first quarter results as our company continues to execute effectively in a highly dynamic and uncertain operating environment,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We remain true to our purpose and are staying close to consumers. We are confident in our full-year guidance, and we are well-equipped to win in all types of environments as we fuel strong topline momentum and create value for our stakeholders.”

Global Unit Case Volume Grew 8%

Net Revenues Grew 16%;
Organic Revenues (Non-GAAP) Grew 18%

Operating Income Grew 25%;
Comparable Currency Neutral Operating Income (Non-GAAP) Grew 24%

Operating Margin Was 32.5% Versus 30.2% in the Prior Year;
Comparable Operating Margin (Non-GAAP) Was 31.4% Versus 31.0% in the Prior Year

EPS Grew 23% to $0.64; Comparable EPS (Non-GAAP) Grew 16% to $0.64

• Revenues:  Net revenues grew 16% to $10.5 billion, and organic revenues (non-GAAP) grew 18%. Revenue performance included 7% growth in price/mix and 11% growth in concentrate sales. Concentrate sales were 3 points ahead of unit case volume, largely due to the timing of concentrate shipments in the current quarter, partially offset by the impact of one less day in the quarter.

• Margin:  Operating margin, which included items impacting comparability, was 32.5% versus 30.2% in the prior year, while comparable operating margin (non-GAAP) was 31.4% versus 31.0% in the prior year. Operating margin expansion was primarily driven by strong topline growth, partially offset by an increase in marketing investments versus the prior year, the impact of the BODYARMOR acquisition and currency headwinds.

• Earnings per share:  EPS grew 23% to $0.64, and comparable EPS (non-GAAP) grew 16% to $0.64. Comparable EPS (non-GAAP) performance included the impact of an 8-point currency headwind.

• Market share:  The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages, which included share gains in both at-home and away-from-home channels.

• Cash flow:  Cash flow from operations was approximately $620 million, a decline of $1.0 billion versus the prior year, as strong business performance was more than offset by the impact of cycling the timing of working capital benefits in the prior year and higher 2021 annual incentives in the current year. Free cash flow (non-GAAP) was approximately $400 million, a decline of $1.0 billion versus the prior year.