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The Coca-Cola Co YTD profits hit by FX, structural impacts - results

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  • YTD net profits slip 2% to US$6bn
  • Net sales in nine-month period fall 5% to $32.45bn
  • Operating profits lift 1% to $7.27bn
  • YTD volumes up 1%
  • Q3 net profits tumble 28% to $1bn
  • Net sales in three-month period dip 7% to $10.6bn, up 3% organically
  • Operating profits fall 5% to $2.27bn
  • Q3 volumes rise 1%
  • The Coca-Cola Co's Q3 results by region - Focus

Currency headwinds along with structural changes in Q3 have dragged down The Coca-Cola Co's nine-month performance.

Coca-Cola CEO Muhtar Kent said refranchising targets for this year were on track

Coca-Cola CEO Muhtar Kent said refranchising targets for this year were on track

The company said today that net profits for the year to the end of September slipped 2%, after a 28% tumble in the third quarter. Net profits for the first half of the year were up 6%.

Nine-month net sales were down 5% while net sales in the quarter were down 7% on the prior year, to US$10.6bn. However, in organic terms, sales were up 2% in the YTD and 3% in the three-month period. 

Coca-Cola said the results were in line with expectations. 

"While our year-to-date reported net revenues declined 5%, our core business organic revenues have grown 4% despite continued global economic and political volatility," said chairman & CEO Muhtar Kent. "We believe this core business reflects the ultimate destination of our transformed company - an enterprise positioned to capture sustainable growth through a laser focus on innovating across our portfolio, building strong brands, and leveraging unparalleled customer service through aligned bottlers. As we continue on our path to transform the global system, we remain committed to our strategic actions for growth that will create long-term shareowner and stakeholder value."

Kent said the company was on track to meet global refranchising goals by the end of 2017. He used the results announcement to outline six further agreements in the US as well as four closing transactions in the country. Coca-Cola Beverages Africa also began operations during the quarter.

Looking forward, the soft drinks firm said it expects full year organic sales growth of 3%, with 6-7% headwinds from "acquisitions, divestitures and structural items" as well as 2-3% currency headwinds.

Coca-Cola's share price was up 0.7% at 0955 EDT.  

To read the official results announcement, click here


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