Strong worldwide volume growth of 5% in Q3, 6% volume growth YTD and volume growth across all five geographic operating groups

North America organic volume growth of 1% in Q3 and YTD

Q3 reported EPS of $0.95, up 8%, and YTD reported EPS of $2.97, up 15%. Q3 comparable EPS of $1.03, up 12%, and YTD comparable EPS of $3.05, up 10%, both ahead of our long-term growth target

Third Quarter and Year-to-Date Highlights

  • International volume growth was 5% in the quarter and 6% year-to-date. Worldwide volume growth was led by brand Coca-Cola, up 3% in both the quarter and year-to-date.
  • Third quarter reported net revenue and comparable net revenue were both $12.2 billion, up 45%, reflecting solid growth in concentrate sales, a 5% currency benefit, positive price/mix and the acquisition of Coca-Cola Enterprises' (CCE) former North America operations in the fourth quarter of 2010. Year-to-date reported net revenue and comparable net revenue were both $35.5 billion, up 44%.
  • Third quarter reported operating income was $2.7 billion, up 17%, with comparable operating income of $3.0 billion, up 21%, reflecting strong top-line performance, a 6% currency benefit and the acquisition of CCE's former North America operations, partially offset by commodity costs. Year-to-date reported operating income was $8.2 billion, up 13%, with comparable operating income of $8.8 billion, up 17%, including a 5% benefit from currency.
  • Coca-Cola Refreshments (CCR) integration efforts are on plan, with expected 2011 net cost synergies of $140 to $150 million.
  • Company-wide productivity initiatives are well on track to exceed the upper end of the original target range of $400 to $500 million in annualized savings by year-end 2011, the final year of the four-year program.

ATLANTA - The Coca-Cola Company today reports strong third quarter and year-to-date 2011 operating results, once again meeting or exceeding our long-term growth targets and gaining volume and value share in total nonalcoholic ready-to-drink (NARTD) beverages as well as in both the sparkling and still beverage categories. The Company continues to advance its global momentum from a position of strength, realizing growth across each of its five geographic operating groups during a time of mixed economic recovery around the world.

Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company, said, "We are pleased with our third quarter results. For a sixth consecutive quarter, we delivered performance results in line with or ahead of our long-term growth targets. Importantly, we accomplished these results during a time of ongoing global market volatility, which is a testament to our clear and focused system vision, strong brands and solid execution. As we said when we launched our 2020 Vision, we are a growing business that is continually adapting to ever-changing economic circumstances and consumer preferences, underscoring the strength and resilience of our business.

"In 2009, when the world's financial markets were in turmoil, our global system made a commitment to invest through the crisis. Today, as we execute our 2020 Vision, we continue to strategically invest in consumer marketing and sales execution, all with a single-minded goal of becoming the beverage leader in every market and in every category of value to us. As a result of that commitment, our global system has never been stronger.

"In short, we believe that our 2020 Vision is working. Yet every one of us here at The Coca-Cola Company knows that we are really just getting started. We remain constructively discontent and resolutely focused on our future - a future filled with abundant opportunities.

"Our job, as stewards of this great business and as caretakers for our shareowners' investment, is to ensure that we keep advancing our global system's strong momentum. With our 2020 Vision as our roadmap, we are confident that we can sustainably achieve our long-term growth targets and enhance the value of The Coca-Cola Company."

The Coca-Cola Company reported worldwide volume growth of 5% in the quarter and 6% year-to-date. Excluding new cross-licensed brands in North America, primarily Dr Pepper brands, worldwide volume grew 4% in the quarter and 5% year-to-date. In the quarter and year-to-date, we grew global volume and value share in NARTD beverages, with volume and value share gains across most beverage categories and continued growth in immediate consumption beverages, up 5% year-to-date.

We continued to see growth in sparkling beverages, with worldwide brand Coca-Cola volume growth of 3% in the quarter driven by a number of markets around the world, including 17% in India, 11% in Argentina, 7% in China, 6% in Mexico and 5% each in France, Germany and Great Britain. Worldwide sparkling beverage volume grew 4% in the quarter, with international sparkling beverage volume up 3%. New cross-licensed brands in North America, primarily Dr Pepper brands, contributed 1 percentage point of growth to worldwide sparkling beverages in the quarter.

Worldwide still beverage volume grew 9% in the quarter, led by growth across the portfolio, including juices and juice drinks, ready-to-drink teas and water brands. Still beverage volume in the quarter grew 10% internationally and 4% in North America. Minute Maid Pulpy continues to expand globally and achieved 20% growth in the quarter. Water volume grew 11% in the quarter as we continue to focus on innovative and sustainable immediate consumption packaging like our PlantBottle™ in North America, which is driving new customer listings, and our lightweight crushable bottle for water brands in Asia and Latin America.


  • All references to growth rate percentages, share and cycling of growth rates 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.
  • "Sparkling beverages" means NARTD beverages with carbonation, including energy drinks and carbonated waters and flavored 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.
  • "Organic" when used with reference to North America volume performance means volume excluding new cross-licensed brands, principally Dr Pepper brands.
  • "Transactions" refers to purchase transactions, or retail purchases of individual package configurations by consumers.
  • All references to volume and volume percentage changes indicate unit case volume. All volume percentage changes are computed based on average daily sales. "Unit case" means a unit of measurement equal to 24 eight-ounce 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.
  • Year-to-date 2011 financial results were impacted by one fewer selling day, which will be offset by the impact of one additional selling day in fourth quarter 2011 results. Unit case volume results are not impacted by the variance in selling days due to the average daily sales computation referenced above.
  • 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 our 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. Our non-GAAP financial information does not represent a comprehensive basis of accounting.
  • Our long-term revenue and operating income growth targets are on a comparable currency neutral basis and exclude structural changes. Our long-term volume growth target is on a comparable basis, excluding the effect of structural changes. Our long-term EPS growth target is on a comparable basis.

Download the full earnings release (PDF).

Listen to the webcast.