The Coca-Cola Company is focusing on the positive following third quarter results for the period ended Sept. 27. The company experienced continued global value share gains in total nonalcoholic ready-to-drink (NARTD) beverages for the 25th consecutive quarter.
The company also reported worldwide volume growth of 2% in the third quarter against the backdrop of increasing volatility in several emerging markets. Coca-Cola Americas grew volume 1% in the quarter, with North America volume up 2% and Latin America volume flat in the quarter.
Coca-Cola International grew volume 3% in both the quarter and year to date, with third quarter Pacific volume up 5%, Eurasia and Africa volume up 4% and Europe volume down 1%. The company reported solid volume growth in the quarter in key developed markets, including Germany (up 3%), the Northwest Europe and Nordics business unit (up 3%) and North America (up 2%). The company’s China business grew volume 9% and India delivered 6% volume growth in the quarter driving sequential improvements for both countries compared to last quarter.
The company reported a net revenue decline of 3%, with comparable net revenues down 2%. The 3% decline reflects a 1% increase in concentrate sales and 2% price/mix, offset by a 4% impact from structural changes, principally the deconsolidation of bottling operations in the Philippines and Brazil, and a 2% currency headwind.
“We delivered sound third quarter results in the confines of an ongoing challenged macroeconomic environment driven by increasing volatility across emerging markets,” said Muhtar Kent, chairman and CEO. “Our global volume grew 2% in the quarter and we continued to grow worldwide value share in total nonalcoholic ready-to-drink beverages due to the strength of our portfolio, the diversity of our global footprint and an ongoing concerted focus on marketplace execution. While we saw sequential improvement in the business compared to the second quarter, together with our global bottling partners, we remain constructively discontent and resolutely focused on further advancing our growth trajectory.”
Kent added that while the company is hardly immune to the impact of global macroeconomic events, its 2020 Vision plan and long-term strategies remain firmly intact. Together with its global bottling partners, the company is investing in its brands and capabilities to drive sustainable growth and value.