The Coca-Cola Company (NYSE: KO) today reported global volume growth of 1% in the third quarter and 2% year to date. The company gained volume and value share in nonalcoholic ready-to-drink (NARTD) beverages in the quarter.
Global sparkling beverage volume was even in the quarter and grew 1% year to date as a challenging macroeconomic environment, adverse weather in certain regions and competitive pressures in certain markets impacted results. However, on a global basis the company gained volume and value share in core sparkling beverages in the quarter due, in part, to successful execution of the Share a Coke marketing campaign in many markets around the world. Worldwide brand Coca-Cola volume was even in the quarter while Sprite and Fanta both grew 1%.
Muhtar Kent, chairman and CEO of The Coca-Cola Company said, “Earlier this year, we announced five strategic priorities to restore momentum and reinvigorate long-term sustainable growth. While we have begun to see early signs of progress, we recognize that we need to increase the scope and pace of change as we continue to face a challenging macroeconomic environment. We are therefore taking actions to strengthen our long-term financial performance, including further aligning our organization and our incentive plans to drive revenue and profit growth, increasing our productivity target to $3 billion in annualized savings by 2019, streamlining and simplifying our organization, and proceeding with plans for re-franchising the majority of company-owned North American bottling territories by the end of 2017. While these actions will take time to implement, we are confident that they will position The Coca-Cola Company to continue delivering sustainable value to our shareowners as we work toward our 2020 Vision.”
The full earnings press release, including more facts and figures about third quarter results, can be found here.
The full press release announcing actions to reinvigorate growth can be found here.
Check Coca-Cola Journey later today for more updates from our quarterly call with investors. In the meantime, you can listen live beginning at 9:30 a.m. ET here.