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Coca-Cola Reports Strong Growth in Fourth Quarter and Full Year 2019;
Company Achieves or Exceeds All Full Year Guidance

Net Revenues Grew 16% for the Quarter and 9% for the Full Year;
Organic Revenues (Non-GAAP) Grew 7% for the Quarter and 6% for the Full Year

Operating Income Grew 19% for the Quarter and 10% for the Full Year; Comparable Currency
Neutral Operating Income (Non-GAAP) Grew 23% for the Quarter and 13% for the Full Year

Fourth Quarter EPS Grew 134% to $0.47 and Comparable EPS (Non-GAAP) Grew 1% to $0.44;
Full Year EPS Grew 38% to $2.07 and Comparable EPS (Non-GAAP) Grew 1% to $2.11

Cash from Operations Was $10.5 Billion for the Full Year, Up 37%;
Full Year Free Cash Flow (Non-GAAP) Was $8.4 Billion, Up 38%

Company Provides 2020 Financial Outlook

ATLANTA, Jan. 30, 2020 – The Coca-Cola Company today reported another quarter of strong growth, along with achieving or exceeding all guidance for the full year 2019. The company continued to execute its growth strategy, allowing it to deliver strong revenue and profit growth for the quarter and full year while gaining value share globally.
"We made good progress in 2019 by delivering on our financial commitments and growing in a more sustainable way," said James Quincey, chairman and CEO of The Coca-Cola Company. "We continue to transform the organization to act with a growth mindset, which gives us confidence in our 2020 targets and our ability to create a better shared future for all of our stakeholders."
Highlights
Quarterly / Full Year Performance
Revenues: Net revenues grew 16% to $9.1 billion for the quarter and 9% to $37.3 billion for the year. Organic revenues (non-GAAP) grew 7% for the quarter and 6% for the year. Revenue growth for the quarter was driven by concentrate sales growth of 2% and price/mix growth of 5%. The quarter included one additional day, which resulted in an approximate 1-point benefit to revenue growth. Revenue growth for the year was driven by concentrate sales growth of 1% and price/mix growth of 5%.
Margin: For the quarter, operating margin, which included items impacting comparability, was 23.9% versus 23.4% in the prior year, while comparable operating margin (non-GAAP) was 24.8% in both the current and prior year. For the year, operating margin, which included items impacting comparability, was 27.1% versus 26.7% in the prior year. Comparable operating margin (non-GAAP) was 27.9% versus 28.8% in the prior year. For both the quarter and full year, strong underlying margin expansion was more than offset by headwinds from currency and net acquisitions.
Earnings per share: For the quarter, EPS grew 134% to $0.47, and comparable EPS (non-GAAP) grew 1% to $0.44. For the year, EPS grew 38% to $2.07, and comparable EPS (non-GAAP) grew 1% to $2.11. Both fourth

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The following information was filed by on Thursday, January 30, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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