Coca-Cola Co. on Oct. 24 reported solid third-quarter results that included not only an increase in net revenues but a small increase in volume. That runs counter to the recent financial reports of most food & beverage companies that are seeing sales increases because of inflation and price increases but lower volumes.
“We delivered an overall solid quarter and are raising our full-year topline and bottom-line guidance in light of our year-to-date performance,” said James Quincey, chairman and CEO. The company now expects to deliver organic revenue (non-GAAP) growth of 10-11% for the full year.
Net revenues grew 8% to $12 billion. Operating income increased 6%. There was zero growth – but no slippage either – in North American volume, but global volume increased 2%, helped by a 7% bump in Latin America. The Europe-Middle East-Africa business saw a 1% decline in volume.
Also of note:
“The company remains committed to successfully listing Coca-Cola Beverages Africa as a public company via an initial public offering once market conditions become more favorable.”
The report noted progress in, “scaling packaging innovations to continue progress toward a circular economy: The company, in close alignment with its global partners, continues to pursue its World Without Waste packaging goals by designing and increasing availability of packages that include a combination of recycled materials or reusable containers. During the quarter, Coca-Cola HBC AG unveiled a … line for refillable glass bottles in Austria … In the United States, the system expanded the availability of … 20-ounce bottles made from 100% recycled PET plastic material (rPET) … at least one of the company’s beverages is now available in 100% rPET, excluding cap and label, in India, Indonesia, Thailand and Türkiye."