US: The Coca-Cola Co sees Q1 profits climb, eyes growth
Profits up 20% on comparable quarter
The Coca-Cola Co has reported a 20% increase in first-quarter net profits, and has flagged up growth opportunities ahead.
Net profits for the three months to ended 2 April reached US$1.16bn compared to $1.35bn in the prior year, the soft drinks giant said today (20 April).
Sales in the period rose by 5% in value terms to $7.53bn, with unit case volumes up by 3%.
Operating profits increased by 17% to $2.18bn, driven by what the company described as a "continued strong focus on cost management and the leveraging of productivity initiatives".
In volume terms, Eurasia and Africa grew by 11% with continued strong growth of 29% in India and 18% growth in Turkey. Pacific unit case volume was by 5% and Latin America volumes were up by 4%, with Brazil climbing by 12%.
Europe unit case volume however, remained flat, although the firm reported increased volumes in France and the Benelux countries, as well as a 5% lift in Germany, with the Nordic Region climbing by 2%.
"I am once again pleased with the results of the quarter as we continue to grow our dynamic global business," said Coca-Cola's chairman and CEO, Muhtar Kent. "During the quarter we continued to achieve solid business results worldwide, all while taking decisive action to strategically advance our North America business and further strengthen our franchise system in Europe.”
Looking ahead to 2020, the firm said it sees “tremendous growth opportunities” for its franchise system and for “the entire nonalcoholic ready-to-drink beverage industry”.
Click here to view the full release and check back later for further insight into Coca-Cola Co’s first quarter results.
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