Coca-Cola posted strong results for the third quarter, with net revenues increasing by 7 per cent year-on-year to approximately $13.4bn.
The company’s operating income grew by 7 per cent, which was driven by an increase in organic revenue alongside lower input costs, which were partially offset by higher marketing investments.
Coca-Cola’s operating margin was 33.4 per cent compared to 32 per cent in the year before, and the earnings per share went up by 8 per cent to approximately $0.93.
The business’ global unit case volume increased by 5 per cent, which was primarily due to growth in trademark Coca-Cola, water, sports, coffee and tea and sparkling flavours in the Europe, Middle East and Africa region.
Henrique Braun, CEO of Coca-Cola said: “Our results this quarter demonstrate our system’s sustained momentum, giving us confidence in our updated full-year guidance.
“By staying close to consumers and executing with agility across our global system, we are delivering quality growth while continuing to invest in the capabilities, brands and people that will fuel our future.”
The successful results were driven by an investment in multiple marketing initiatives to build brand relevance and increase consumer engagement according to Coca-Cola.
During the third quarter, Coca-Cola and Sprite were part of 60 festivals across more than 20 markets and reached over 12m attendees while building direct consumer connections.
Moving forward, following the strong results, the business has updated its full-year outlook to reflect the current financial performance.
Coca-Cola forecasted full-year organic revenues of at least a 5 per cent growth compared to the previously estimated approximately 5 per cent increase.
The company raised the EPS guidance to a growth of at least 9 per cent from the previous 7 per cent to 8 per cent increase.
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