The Coca-Cola Company has reported a 16% rise in third-quarter net revenue and raised its guidance for full-year organic revenue growth.
The company – which owns major beverage brands including Coca-Cola, Sprite and VitaminWater – posted Q3 revenue of $10 billion, compared with last year’s $8.7 billion figure. Meanwhile, operating income grew 26% in the quarter.
Coca-Cola has updated its full-year guidance “to reflect another quarter of momentum in the business” and says that it now expects to deliver organic revenue growth of 13-14%.
Global unit case volume – a key indicator of demand – grew 6% year-over-year, benefitting from ongoing recovery in markets where coronavirus-related uncertainty is abating. The average value of products sold also rose 6%.
In Q3, Europe, Middle East & Africa unit case volume grew 8%. The company’s Latin American division saw volume go up 8%, while it went up 4% in North America, 3% in Asia Pacific and 3% in Coca-Cola’s bottling investments segment.
Unit case volume of sparkling soft drinks grew 6% in the quarter, driven by strong performance across all geographic operating segments.
Nutrition, juice, dairy and plant-based beverages grew 12%, underpinned by a “solid performance” from Minute Maid Pulpy in China, Maaza in India and Del Valle in Mexico.
Hydration, sports, coffee and tea saw unit case volume grow 6%. Coffee grew 19%, primarily driven by the ongoing reopening of Costa retail stores in the UK.
“Our strategic transformation is enabling us to effectively navigate a dynamic environment and emerge stronger from the pandemic,” said James Quincey, chairman and CEO of The Coca-Cola Company.
“While the recovery continues to be asynchronous around the world, we are investing for growth to drive long-term value for the system.”