其中，无糖可口可乐二季度得益于所有地理运营板块的增长，实现了14%的增长。但可口可乐整体箱量 销售下降1%，其中含气软饮下降1%，果汁、增值乳制品及植物基饮料下降4%。饮用水、运动饮料、咖 啡及茶类产品持平。 其中，咖啡增长1%，主要得益于亚太地区的增长。茶类产品持平，欧洲、中东及非洲地区的增长主要 被北美的下降所抵消。 对于咖啡业务，詹鲲杰表示，乔雅咖啡是可口可乐的一次尝试，Costa是可口可乐在咖啡领域的第四次 尝试。咖啡在整个饮料行业中是一个规模大、分散且不断增长的品类。 得益于市场定价举措及有利的产品组合，可口可乐价格/产品组合增长6%。与去年相比，2025年第二季 度受高通胀影响的市场对其的推动作用有所减弱。 价格的提高，可口可乐营业利润增长63%，这得益于所有地理运营区域的有机收入（非公认会计原则） 增长、营销投入的时机以及有效的成本管理。 对于中国市场，可口可乐方面称，在中国市场凭借可口可乐品牌产品的强劲表现以及餐饮渠道的增长， 实现了销量提升。目前，可口可乐正着力制定更精细化的渠道策略和针对特定客户的执行方案，以此推 动更具针对性的促销活动，并加快冰柜投放进度。 7月22日，可口可乐公司发布的 ...

Coca-Cola (KO -0.58%), the global beverage leader known for its flagship sodas and a broad range of drinks, reported results for Q2 2025 on July 22, 2025. Key numbers in the release show adjusted earnings per share (Non-GAAP) of $0.87, beating analyst estimates by $0.04, while revenue (GAAP) reached $12.54 billion, coming in slightly under the $12.57 billion consensus. The quarter's performance showed higher earnings and stronger margins, although GAAP revenue growth fell a bit short of expectations. Overal ...

Core Insights - PepsiCo's second-quarter earnings report exceeded analyst expectations, leading to a 6.8% increase in stock price [1][3] - The company reported a revenue increase of 1%, with organic revenue growth of 2.1%, totaling $22.7 billion, surpassing estimates of $22.3 billion [3][4] Financial Performance - Gross profit declined as costs rose faster than revenue, resulting in a 5% decrease in core constant-currency earnings per share to $2.12, which was above the consensus estimate of $2.03 [4] - International markets showed strength, with organic revenue growth of 5% or more in three out of four international segments, while Pepsi Foods North America experienced a 2% decline in organic revenue [4] Future Outlook - CEO Ramon Laguarta expressed optimism about the acceleration in net revenue growth compared to the previous quarter, despite a challenging environment [5] - For 2025, PepsiCo anticipates a low-single-digit increase in organic revenue and flat core constant-currency EPS, which has reassured investors following a recent sell-off [5]

Core Insights - Telefonica, S.A. reported a significant decline in net income for Q1 2025, with a 26% year-over-year drop to €427 million, and basic earnings per share decreased to €0.06 from €0.09 [1] - Total revenues fell by 2.9% year-over-year to €9,221 million, impacted by unfavorable foreign exchange rates, although organic revenue growth was positive at 1.3% [2] Financial Performance - The adjusted EBITDA for the quarter was €3,014 million, down 4.2% year-over-year, while operating income decreased by 1.7% to €1,109 million [9] - Operating cash flow for the year ending March 31, 2025, was €1,412 million, reflecting a 0.6% organic increase, while free cash outflow was €205 million [10] Business Unit Performance - Telefonica Espana saw a revenue increase of 1.7% year-over-year to €3,170 million, driven by strong handset sales and service revenues [4] - Telefonica Deutschland's revenues decreased by 2% to €2,056 million, with a quarterly adjusted EBITDA margin of 31.1% [5] - In Brazil, revenues fell by 7.2% to €2,337 million due to foreign exchange headwinds, and adjusted EBITDA declined by 5.7% to €964 million [6] - Telefonica Tech reported a revenue increase of 6.6% year-over-year to €508 million, with a positive outlook supported by strong sales [7] - Revenues in Telefonica Hispam decreased by 8.6% to €1,245 million, primarily due to weaker results in Colombia [8] Strategic Moves - The company is strategically reducing its exposure to Hispam by divesting from Argentina and Peru and initiating the sale of its stake in Telefonica Colombia, focusing on profitable markets [3] Financial Guidance - For 2025, Telefonica expects organic growth in revenues, EBITDA, and EBITDAaL - CapEx, aiming to keep CapEx below 12.5% of sales and maintain free cash flow at 2024 levels [12]

Financial Data and Key Metrics Changes - The company reported organic revenue growth of 10% and total revenue of $413.4 million for the first quarter [11] - Adjusted EBITDA for the first quarter rose 12% to $113.8 million compared to $101.7 million in the prior year period [11] - Adjusted diluted earnings per share grew by 16% [4] - Adjusted free cash flow was $26 million, up 6% from the prior year period [5][13] - GAAP net income for the first quarter was $24.9 million, or GAAP diluted earnings per share of $0.20 [11] Business Line Data and Key Metrics Changes - Insurance Advisory Solutions (IAS) experienced organic revenue growth of 3% [11] - Underwriting Capacity and Technology Solutions (UCTS) saw organic revenue growth accelerate to 32% compared to 21% in the prior year [7] - Main Street Insurance Solutions (MIS) delivered total organic revenue growth of 10% [9] Market Data and Key Metrics Changes - The company faced a negative 3.5% impact from rate and exposure changes on renewals, compared to a positive 4.5% benefit in the prior year [6][7] - Client retention improved year over year to approximately 92% [6] Company Strategy and Development Direction - The company aims to vertically integrate across the value chain and bring innovative third-party risk capital solutions to market [8] - The introduction of the Builder Reciprocal Insurance Exchange (BRI) is a significant milestone for growth in the builder channel [8] - The company remains confident in maintaining double-digit organic growth despite macroeconomic uncertainties [9][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience and durability of the business model amid macroeconomic uncertainty [9] - The company expects organic revenue growth in the IAS business to be in the mid to high single-digit range for the year, with overall double-digit growth anticipated [15][16] - Management noted that the Florida insurance market is healthier due to tort reforms, although the cost of risk is expected to grow over time [45][46] Other Important Information - The company was recently upgraded by S&P to a B rating, with a stable outlook from Moody's [15] - The transition to a fiduciary reporting model for cash and receivables aims to reduce volatility in cash flow from operations [12] Q&A Session Summary Question: Organic revenue outlook for the second quarter - Management acknowledged that the IAS business is running below expectations due to project-based headwinds but remains confident in the underlying fundamentals [19][20] Question: Cash flow conversion rate - Management targets a free cash flow conversion rate of 50% against adjusted EBITDA for the year, with potential to reach 65% to 70% over time [25][26] Question: Project-based work in the second quarter - Management noted an increase in new project starts in May and a strong pipeline for the balance of the month [34] Question: Strong growth in UCTS segment - The growth was driven by strong performance in homeowners programs and the introduction of a multifamily captive [36] Question: Timing of headwinds from renewal - Management indicated that timing-related headwinds from project-based work are expected to improve in the second quarter [41] Question: Market conditions in Florida - Management stated that the Florida insurance market is healthier due to tort reforms, although the cost of risk is expected to increase over time [45][46] Question: Employee benefits business - Management noted that the cautious business outlook among clients has impacted the employee benefits segment, but they expect visibility to improve as the year progresses [65][66]

Becton Dickinson, and Company BDX lowered its fiscal year 2025 guidance and provided an estimated tariff impact on Thursday.The medical device company reported adjusted earnings per share of $3.35, up from $3.17 a year ago. It beat the consensus of $3.28.The company reported first-quarter 2025 sales of $5.27 billion, up 4.5% year-over-year, missing the consensus of $5.35 billion.Becton Dickinson expects fiscal 2025 revenues of $21.8 billion and $21.9 billion. Its previously issued guidance of $21.7 billion  ...