A Peek Behind the Numbers

A Peek Behind the Numbers

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A Peek Behind the Numbers
A Peek Behind the Numbers
Coca-Cola’s (KO) 4Q

Coca-Cola’s (KO) 4Q

Tailwinds turning to headwinds

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Behind the Numbers
Apr 03, 2023
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A Peek Behind the Numbers
A Peek Behind the Numbers
Coca-Cola’s (KO) 4Q
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The uncertainty in the market has investors reconsidering the virtues of defensive staples names. One such perennial favorite on the list of defensive names is The Coca-Cola Company (KO). However, we see some concerns with recent earning quality that investors should consider before jumping in.

KO posted 4Q22 non-GAAP EPS of $0.45 met which was in line with the Street consensus. However, we saw multiple unsustainable benefits to results and note several potential headwinds ahead for the company which we discuss below.

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