- Global volume growth of 2% for the full year and 1% in the quarter
- Reported net revenues declined 2% in the quarter; excluding the impact of structural items, comparable currency neutral net revenues grew 4%
- Fourth quarter reported EPS was $0.17; comparable EPS was $0.44
- Gained global value share in nonalcoholic ready-to-drink beverages in both the quarter and full year
- Full-year cash from operations increased to $10.6 billion
- We gained global value share and held volume share in nonalcoholic ready-to-drink (NARTD) beverages in the quarter. Additionally, we gained global volume and value share in sparkling and still beverages as well as in the juice and juice drinks, ready-to-drink tea and packaged water categories as we continue to strengthen our brands and our product portfolio across key markets and categories.
- Global sparkling beverage volume grew 1% in both the quarter and full year driven by growth in brand Coca-Cola, Sprite and Fanta. Brand Coca-Cola was up 1% in the quarter and grew slightly for the full year, rounding to even.
- Global still beverage volume grew 2% in the quarter and 4% for the full year driven by growth in ready-to-drink tea, sports drinks and packaged water. Volume growth in these beverage categories was partially offset by a decline in juice and juice drinks, due in part to price increases to cover higher input costs.
- We continue to take steps to strengthen our brand portfolio in fast-growing categories and key markets as evidenced by the addition of Gold Peak tea, FUZE TEA and I LOHAS mineral water to our portfolio of billion-dollar brands, bringing the total number of billion-dollar brands to 20.
- All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period.
- “Concentrate sales” represents the amount of concentrates, syrups, beverage bases and powders sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers.
- For the Company’s geographic operating segments, “concentrate sales” growth rates shown in the tables represent the percentage change in net revenues attributable to the increase (decrease) in concentrate sales volume (expressed in equivalent unit cases) after considering the impact of structural items. For the Company’s Bottling Investments operating segment, “reported volume” growth rates shown in the table represent the percentage change in net revenues attributable to the increase (decrease) in unit case volume, computed on a reported basis, after considering the impact of structural items.
- Bottling Investments operating segment data reflects unit case volume for consolidated bottlers only.
- “Sparkling beverages” means NARTD beverages with carbonation, including carbonated energy drinks and waters.
- “Still beverages” means nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks and noncarbonated energy drinks.
- All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “Unit case” means a unit of measurement equal to 24 eightounce servings of finished beverage. “Unit case volume” means the number of unit cases (or unit case equivalents) of Company beverages directly or indirectly sold by the Company and its bottling partners to customers.
- First quarter 2014 financial results were impacted by one less selling day, and fourth quarter 2014 financial results were impacted by one additional selling day. Unit case volume results for the quarters are not impacted by the variance in selling days due to the average daily sales computation referenced above.
- As previously announced, effective Jan. 1, 2014, the Company renamed its Pacific operating segment the Asia Pacific operating segment.
- The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, management believes that certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting.
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