Avax, Company

The Coca-Cola Company today reported strong third quarter 2022 results as the company continued to build on the momentum from the first half of the year. "Our strong capabilities and consumer insights continue to help us win in the marketplace," said James Quincey, Chairman and CEO of The Coca-Cola Company. "Our business is resilient amidst a dynamic operating and macroeconomic environment. We are investing in our strong portfolio of brands, which is a cornerstone of our ability to deliver long-term value for our stakeholders."Overall Highlights Quarterly Performance:- Revenues - Net revenues grew 10 per cent to USD 11.1 billion, and organic revenues (non-GAAP) grew 16 per cent. Organic revenue (non-GAAP) performance was strong across operating segments and included 12 per cent growth in price/mix and 4 per cent growth in concentrate sales.- Margin - Operating margin, which included items impacting comparability, was 27.9 per cent versus 28.9 per cent in the prior year, while comparable operating margin (non-GAAP) was 29.5 per cent versus 30.0 per cent in the prior year. Comparable operating margin (non-GAAP) compressed as strong topline growth was more than offset by the impact of the BODYARMOR acquisition, higher operating costs, an increase in marketing investments versus the prior year, and currency headwinds.- Earnings per share - EPS grew 14 per cent to USD 0.65, and comparable EPS (non-GAAP) grew 7 per cent to USD 0.69. Comparable EPS (non-GAAP) performance included the impact of an 11-point currency headwind.- Market share - The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.- Cash flow - Cash flow from operations was USD 8.1 billion year-to-date, a decline of $1.2 billion versus the prior year, as the strong business performance was more than offset by the impact of cycling the timing of working capital benefits in the prior year and higher 2021 annual incentives in the current year. Free cash flow (non-GAAP) was $7.3 billion, a decline of $1.2 billion versus the prior year.India Specific Pointers:- The Company drove 2.5 billion transactions in India at affordable price points through the expansion of returnable glass bottles and single-serve PET packages.- Sprite has grown to become a billion-dollar brand in the market, driven by the success of locally adapted, occasion-based global marketing campaigns and screentime.- Category-led performance:- In India, the company continue to strengthen the first half of the year as it gains share in sparklings offerings. Trademark Coke delivered strong growth through effective execution and occasion-based marketing.- Sparkling soft drinks grew 3 per cent, driven by growth across all geographic operating segments, primarily led by India, Mexico and China. Trademark Coca-Cola grew 3 per cent, driven by growth across all geographic operating segments. Coca-Cola® Zero Sugar grew 11 per cent, driven by low double-digit growth across developed markets and high single-digit growth across developing and emerging markets. Sparkling flavors grew 3 per cent, led by Asia Pacific and Latin America.- Nutrition, juice, dairy and plant-based beverages were even, as growth led by Minute Maid Pulpy in China, Maaza® in India and fairlife® in the United States was offset by declines primarily in local brands in Eastern Europe.- Asia Pacific: Unit case volume grew 9 per cent, driven by strong growth in India and China. Growth was led by sparkling soft drinks and hydration.Company Updates:- Leveraging strong revenue growth management capabilities to meet consumer needs - In an environment where consumer preferences are rapidly evolving, the company is focused on expanding its offerings to fit all consumers' budgets. The Coca-Cola Value Bundle, which was launched in North America during the third quarter, is an example of how the company is offering more choices to cost-conscious consumers. The bundle features an assortment of core sparkling brands at relevant and competitive price points. By utilizing end-to-end messaging across platforms, these offerings are retaining and recruiting more consumers while creating value for customers. Additionally, the company is balancing the mix between affordability and premiumization, while driving pricing actions in the marketplace in response to ongoing cost inflation.- Turning insights into global brand experiences - The company continues to engage and attract consumers through globally scaled marketing campaigns driven by consumer insights. The "What the Fanta" marketing and innovation platform is an example of how the company is executing with its global networked marketing partner to identify and scale what resonates with consumers, from taste to brand experiences. Now launched in over 30 markets globally, the experience-driven platform is designed to spark adventure and intrigue through bold innovative flavors complemented by social media campaigns and multi-channel activations.- Strategically expanding in emerging categories - Since entering into the ready-to-drink (RTD) alcohol beverages category in 2018 with Lemon-Dou in Japan, the company has continued its test-and-learn approach with disciplined experiments around alcohol occasions globally. The company is leveraging brands with strong credentials, such as Topo Chico®, while adding to the existing portfolio of Schweppes® premium adult cocktail mixers and tonics. This year, Simply Spiked LemonadeTM and FrescaTM Mixed were introduced in the United States through brand authorization agreements with Molson Coors Beverage Company and Constellation Brands, Inc., respectively, and both offerings are seeing encouraging early results.- Increasing water security through collaboration and collective action - The company continues to focus on collaborating with businesses and nongovernmental organizations to create a more sustainable and better-shared future. During the quarter, at World Water Week 2022, the company focused on how corporate water stewardship can drive collective action to help address water challenges. Over the past two years, the company has stepped up investments in nature-based water solutions as an important part of its 2030 Water Security Strategy.This story is provided by BusinessWire India.will not be responsible in any way for the content of this article. (ANI/BusinessWire India)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

AvaxFOLLOW

Avax, Latest News

Big Eyes (BIG) is the newest member of the meme family with tremendous growth potential. ...

Mr. Bharat Moossaddee Appoints industry veteran Mr.Bharat Moossaddee as Independent Director Q2 Revenue up 30% YOY Major breakthrough in ... ...

Dynamic Cables Limited (DCL), a Jaipur based power cable manufacturer announced its result for Q2FY23. Company reported a sale of Rs 173.4 crs, a healthy growth of 30% yoy. In the quarter gone by Company received major breakthrough in its MVCC produc ...

Puravankara reports highest ever sales for Q2 and for H1 of any financial year since inception. ...

The profitability of the cryptocurrency industry has increased dramatically over the past decade. There are now digital crypto assets worth billions of dollars in the cryptocurrency industry. After the success of bitcoin in 2020, dozens of additional ...

Are you looking for the best and most notable crypto projects to add to your portfolio at the end of 2022? ...

The goal of every crypto investor is to pick the right coin that will produce handsome rewards. ...

The Coca-Cola Company today reported strong third quarter 2022 results as the company continued to build on the momentum from the first half of the year. "Our strong capabilities and consumer insights continue to help us win in the marketplace," said ...