![COCA COLA CO [KO] reports quarterly net loss of $3.2 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FKO.png&w=1200&q=75)
COCA COLA CO [KO] has reported a net loss Consolidated Net Income of $3.2 billion for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue Gross Profit for the quarter was $11.3 billion
Based in ATLANTA, Georgia, COCA COLA CO operates in the MANUFACTURING sector.
In the 3 months ended March 29, 2024, The Coca-Cola Company reported a growth in net operating revenues, reaching $11.3 billion compared to $10.98 billion during the same period in 2023.
The cost of goods sold for the current period was $4.235 billion, slightly lower than the previous year's $4.317 billion. This resulted in a gross profit of $7.065 billion for the current period, up from $6.663 billion in the previous period.
Operating income for the current period decreased to $2.141 billion from $3.367 billion in the comparative period. The decrease was attributed to higher selling, general, and administrative expenses of $3.351 billion compared to $3.185 billion in the previous period, as well as a significant increase in other operating charges to $1.573 billion from $111 million.
The income before income taxes also saw a decline to $3.872 billion from $4.053 billion in the previous year. Income taxes for the current period amounted to $687 million compared to $940 million in the comparative period.
The consolidated net income for the 3 months ended March 29, 2024, stood at $3.185 billion, showing a slight improvement from $3.113 billion in the same period in 2023. The net income attributable to shareowners of The Coca-Cola Company was $3.177 billion for the current quarter, compared to $3.107 billion in the previous period.
Basic net income per share for the current period was $0.74, the same as the previous year. Similarly, diluted net income per share for the current period was $0.74, unchanged from the comparative period. The average shares outstanding for both basic and diluted earnings also saw slight declines compared to the previous year.
Overall, The Coca-Cola Company's financial performance in the current reporting period showed steady growth in revenues and net income, despite facing challenges in operating income and income before taxes when compared to the same period in the previous year.
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