ATLANTA — Increases in volume and revenue in the fiscal year ended Dec. 31, 2024, pleased both Coca-Cola Co. executives and shareholders.

While net income decreased 1% to $10.63 billion, equal to $2.47 per share on the common stock, from $10.71 billion, or $2.48 per share, in the previous fiscal year, net operating revenues increased 3% to $47.06 billion from $45.75 billion. Unit case volume increased 1%, led by Brazil, India and Mexico. Price/mix increased 11%.

“We are pleased with our 2024 results, which include volume growth, robust organic revenue growth, and comparable gross and operating margin expansion,” said James Quincey, chief executive officer, in a Feb. 11 earnings call. “This led to a 7% comparable earnings-per-share growth despite nearly double-digit currency headwinds and the impact of bottler refranchising.”

The Atlanta-based company’s stock price on the New York Stock Exchange closed at $67.60 per share on Feb. 11, up 4.7% from a Feb. 10 close of $64.55 per share.

Volume in sparkling soft drinks increased 2% with trademark Coca-Cola growing 2%. Coca-Cola Zero Sugar volume rose 9%, and sparkling flavors volume was up 1%. In the category of juice, value-added dairy and plant-based beverages, volume was even for the year. Volume in the category of water, sports, coffee and tea dipped 1%. Within the category, declines came in water, down 2%, sports drinks, down 1%, and coffee, down 3%. Tea volume increased 4%.

In North America, net operating revenues jumped 11% to $18.65 billion from $16.77 billion. Growth in the fairlife brand dairy business should continue in 2025, Quincey said. A fairlife production facility in Webster, NY, may become operational in the fourth quarter of the current fiscal year.

Photo: ©STEVE CUKROV – STOCK.ADOBE.COM

“Given the runaway success of the (fairlife) products, we are reaching the need to get the New York factory that we’ve been building up and running in order to continue unconstrained growth,” Quincey said. “So we will see some moderation of the fairlife growth in '25, which will obviously then moderate the mix.”

In Europe, Middle East and Africa, net operating revenues increased 1% to $8.12 billion from $8.01 billion. Other increases came in Latin America, up 11% to $6.46 billion from $5.83 billion, and Asia Pacific, up 2% to $5.55 billion from $5.46 billion.

“If I look at the developed markets, whilst it is absolutely true that the lower income segments in the US, and perhaps even more notably in Europe and Western Europe, are under disposable income pressure and have been in ‘24 and quite possibly will continue for some part of ‘25, the rest of the consumer base is actually still gaining in terms of disposable income and is spending, maybe spending a little more in the US, North America than Western Europe where there was more direction to saving, but a pretty strong sustained demand level across the developed world,” Quincey said. “And similarly, in the emerging markets, yes, it’s a little more volatile in ups and downs. but in aggregate, again, you see pretty robust or enduring consumer demand. In the quarter, we saw India rebound. We saw China get a bit better. The Middle East got a bit better. They’re still doing pretty well in Latin America, a little softer perhaps in Africa.”

In the fourth quarter companywide, net income of $2.20 billion, or 51¢ per share on the common stock, marked an 11% increase from $1.97 billion, or 46¢ per share, in the same time of the previous year. Fourth-quarter net operating revenues increased 6% to $11.54 billion from $10.85 billion.

In fiscal year 2025, Coca-Cola expects organic revenue growth of 5% to 6% while facing a currency headwind of 3% to 4%.

“We continue to focus on driving balanced volume and price/mix and anticipate intense inflationary pricing will play a smaller role in 2025 and will moderate throughout the year,” said John Murphy, chief financial officer.