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Coca-Cola Reports Solid Operating Results in First Quarter;
Remains Confident in Full Year Guidance

Net Revenues Grew 5% in First Quarter; Organic Revenues
(Non-GAAP) Grew 6%, Including a 2% Benefit from Timing

Operating Income Grew 29%; Comparable Currency
Neutral Operating Income (Non-GAAP) Grew 16%

Operating Margin was 29.1%; Comparable Operating Margin
(Non-GAAP) was 30.5%, Including the Impact from
Currency Headwinds and Acquisitions

EPS from Continuing Operations Grew 24% to $0.38; Comparable EPS from
Continuing Operations (Non-GAAP) Grew 2% to $0.48, Impacted by 11%
Currency Headwind and a 2 Cent Benefit from Timing

ATLANTA, April 23, 2019 – The Coca-Cola Company today reported a solid start to 2019, with continued momentum that included gaining global value share. Reported net revenues grew 5% in the first quarter, and organic revenues (non-GAAP) grew 6%, with positive performance across all operating groups, in addition to a benefit from timing.
"We're encouraged by our first quarter results as our disciplined growth strategies continue to deliver strong underlying performance," said James Quincey, CEO of The Coca-Cola Company. "We remain confident in our full year guidance as we continue to make progress on our transformation as a consumer-centric total beverage company."
Highlights
Quarterly Performance
Revenues: Net revenues grew 5% to $8.0 billion. Organic revenues (non-GAAP) grew 6%. An estimated 2 points of revenue growth was attributable to timing, primarily related to bottler inventory build in order to manage uncertainty related to Brexit. Additionally, the quarter included one less day, which resulted in an approximate 1-point headwind to revenue growth.
Margin: Operating margin for the quarter, which included items impacting comparability, was 29.1% versus 23.7% in the prior year. Comparable operating margin (non-GAAP) was 30.5% versus 30.7% in the prior year. Strong underlying margin (non-GAAP) expansion was offset by an approximate 260 basis point negative impact from currency headwinds and net acquisitions.
Earnings per share: EPS from continuing operations grew 24% to $0.38. Comparable EPS from continuing operations (non-GAAP) grew 2% to $0.48, despite an 11-point currency headwind. EPS included an estimated 2 cent benefit from timing, primarily from the bottler inventory build related to Brexit.

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The following information was filed by Coca Cola Co (KO) on Tuesday, April 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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