US – The Coca-Cola Company has raised its guidance for its full year after delivering strong third-quarter 2022 results, proving continued momentum from the first half of the year.

The beverage giant recorded sales of US$11.06 billion – up 10% year-over-year – ahead of the US$10.52 billion expected on average by analysts, according to Refinitiv IBES data.

The company’s unit case volume grew 4%, with broad-based growth across most operating segments driven by strength in away-from-home channels and ongoing investments in the marketplace.

Developed markets grew mid-single digits while developing and emerging markets grew low single digits.

Growth in developed markets was led by Western Europe, Mexico, and the United States, while growth in developing and emerging markets was.

Unit case volume grew 9% in Asia Pacific led by India, China, and Brazil, while Coca-Cola’s Europe, Middle East, and Africa business saw a 1% decline, as growth in Spain, Germany and France were more than offset by the impact of suspending operations in Russia. 

Among its portfolio, Coca-Cola Zero Sugar grew 11%, while sparkling soft drinks overall grew 3%, driven by performance across all geographic operating segments.

Sparkling soft drinks grew by 3%, driven by growth across all geographic operating segments, primarily led by India, Mexico, and China. Trademark Coca-Cola grew 3%, driven by growth across all geographic operating segments.

Its Hydration segment grew by 6%, led by strong growth in Asia Pacific and Latin America, Sports drinks grew by 6%, primarily driven by the growth of Aquarius, BODYARMOR, and Powerade while Coffee grew by 5%, primarily from the expansion of Costa coffee across markets.

The Soda maker said its Tea category, which grew by 5%, was stable, as strong growth in Brazil and Mexico was offset by a decline due to the company’s suspension of business in Russia.

In Tuesday morning’s earnings call, James Quincey, chairman and CEO of The Coca-Cola Company, said that while macroeconomic cross currents continue to impact the economic environment, the industry remains “healthy” for the company and that Q3 delivered “strong organic revenue growth.”

Quincey noted that Coca-Cola will be continuing to invest in its brands to spur growth and that it’s leveraging a consumer-centric marketing model that uses a digital approach, linking consumption occasions with passion points. By doing this, it’s reaching consumers in new and unique ways.

The “Believing is Magic” FIFA World Cup campaign, for example, has led to a gain in 3.5 million consumers through digital engagement, Quincey said.

Coca-Cola has updated its full-year guidance and says that it now expects to deliver organic revenue growth of 14% to 15%, compared with its previous forecast of a 12% to 13% increase.

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