The Coca‑Cola Company Provides Business Update and Outlook Ahead of Modeling Call


- 2014 full year comparable currency neutral EPS growth expected to be 4% to 5%, with a currency headwind of 7%.

- 2015 full year comparable currency neutral EPS growth not expected to be significantly different from 2014. Focus to remain on achieving productivity targets, streamlining the operating model, and advancing refranchising initiatives.

- Longer term, the Company intends to return to delivering against its stated growth targets.

- Modeling call to be held on Monday, Dec. 15, 2014, at 4:30 p.m. EST.

ATLANTA, Dec. 15, 2014 — Ahead of its previously announced modeling conference call today, The Coca‑Cola Company is providing an update to its 2014 expectations and 2015 outlook.  “During our third quarter earnings conference call, we outlined strategic actions to accelerate growth,” said Kathy Waller, Chief Financial Officer of The Coca‑Cola Company.  “I am pleased to report that we are moving with speed and that we are making progress on key action areas.  While the full impact of these changes will take time to materialize, we are confident these actions will drive improving trends in our business.”

2014 Expectations

- The Company expects full year comparable currency neutral EPS growth of 4% to 5%, and a currency headwind of 7%. 

- The Company expects fourth quarter comparable currency neutral EPS growth to be even to slightly positive.  The impact of currency in the fourth quarter is expected to be a 6 to 7 point headwind on operating income and a 9 point headwind on EPS. 

2015 Outlook

- As previously indicated, the Company does not expect comparable currency neutral EPS growth in 2015 to be significantly different from 2014.  Longer term, the Company intends to return to delivering against its stated growth targets.

- Based on current spot rates, existing hedge positions, and the cycling of 2014 rates, the Company now expects a 5 to 6 point currency headwind on profit before tax in 2015.  

- The underlying effective annual tax rate on operations in 2015 is currently expected to be 22.5%.  In 2015, the Company is targeting net share repurchases of $2.0 to $3.0 billion.

Modeling Call

The Company is hosting a conference call with investors and analysts to provide additional details pertaining to its 2015 outlook and to address financial and modeling-related questions on Monday, Dec. 15, 2014, at 4:30 p.m. EST.  Ms. Waller will host the call. 

Investors and analysts are invited to join a live webcast of the conference call from the Company’s website,  Presentation materials for the conference call will be available for download.  A replay in downloadable MP3 format and a transcript of the call will also be available within 24 hours on the Company’s website.

About The Coca‑Cola Company

The Coca‑Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands.  Led by Coca‑Cola, one of the world's most valuable and recognizable brands, our Company's portfolio features 17 billion-dollar brands including Diet Coke, Fanta, Sprite, Coca‑Cola Zero, vitaminwater, Powerade, Minute Maid, Simply, Georgia and Del Valle.  Globally, we are the No. 1 provider of sparkling beverages, ready-to-drink coffees, and juices and juice drinks.  Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy our beverages at a rate of 1.9 billion servings a day.  With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support active, healthy living, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate.  Together with our bottling partners, we rank among the world's top 10 private employers with more than 700,000 system associates.  For more information, visit, follow us on Twitter at, or find us on LinkedIn at

Forward-Looking Statements

This press release may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws.  Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature.  Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from The Coca‑Cola Company’s historical experience and our present expectations or projections.  These risks include, but are not limited to, obesity concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the market place; product safety and quality concerns; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations in emerging and developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with our bottling partners; a deterioration in our bottling partners' financial condition; increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters; increased or new indirect taxes in the United States or in other major markets; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the availability of our products; an inability to protect our information systems against service interruption, misappropriation of data or breaches of security; unfavorable general economic conditions in the United States; unfavorable economic and political conditions in international markets; litigation or legal proceedings; adverse weather conditions; climate change; damage to our brand image and corporate reputation from negative publicity related to product safety or quality, human and workplace rights, obesity or other issues, even if unwarranted; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; changes in accounting standards; an inability to achieve our overall long-term growth objectives; deterioration of global credit market conditions; one or more of our counterparty financial institutions default on their obligations to us or fail; an inability to realize additional benefits targeted by our productivity and reinvestment program; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages or labor unrest; future impairment charges; multiemployer plan withdrawal liabilities in the future; an inability to successfully integrate and manage our Company-owned or -controlled bottling operations; global or regional catastrophic events; and other risks discussed in our Company’s filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2013, which filings are available from the SEC.  You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.  The Coca‑Cola Company undertakes no obligation to publicly update or revise any forward-looking statements.

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