At first glance, yesterday’s Q1 results for The Coca-Cola Co held up well – another strong quarterly performance under the increasingly stable-looking leadership of CEO James Quincey. However, not everyone was convinced. In a note from Bernstein’s Ali Dibadj, the analyst says that underneath the headline gloss of an organic sales increase and a 4% volumes climb for sparkling soft drinks lies a certain amount of “murkiness”.
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