Coca-Cola Company (KO; A1, A+; S) {KO US Equity}

Nothing of concern, earnings call ongoing. CCEP earnings last week was fine as well with mid single digit growth on equal pricing and volume while for KO prices was only driver at +13% (c+6%); 6% of that was in regions facing "intense inflation". FY24 guidance given slight bump on that but net revenues and FCF left unch on FX headwinds.

• Organic revenues +11% (c+6%) at $11.3b (c$11b) - net +3%. Adj. operating income $3.6b (c$3.5b) at margin of 32.4% up from last years 31.8%. GAAP was 18.9% on one-offs.
• Cash flow from operations at $528m and FCF of $158m - both up $200-300m on last year. BS little changed.
• FY Guidance is for organic +8-9% growth (c+7%, prev 6-7%) which its bumping on pricing/inflation in certain markets. It expects 4-5% currency headwind (prev. 2-3%) & another 4-5% headwind from acquisitions & divestitures (unch) - in line with consensus at flat yoy net revenue.
• Guidance for cash flow from operations is $11.4b and net of $2.2b capex, FCF is expected at $9.2b - both unch from guidance last year.