Coca-Cola Europacific Profit Rose; Increases 2023 Guidance on Strong Performance
02 Agosto 2023 - 4:50AM
Dow Jones News
By Joe Hoppe
Coca-Cola Europacific Partners said that first-half pretax
profit and revenue significantly increased, and raised guidance for
the full year based on its strong performance to date.
The London-listed bottling company said Wednesday that for the
period ended July 1, pretax profit was 1.10 billion euros ($1.21
billion), compared with a profit of EUR898 million for the first
half of 2021. The company attributed the rise to strong volume
growth across its developed markets and increased revenue per
case.
Revenue for the period rose to EUR8.98 billion from EUR8.28
billion the year before, it said.
"Our focus on revenue and margin growth management, along with
our price and promotion strategy, drove solid gains in revenue per
unit case with transactions outpacing volume," Chief Executive
Damian Gammell said.
The company raised its revenue, operating profit and free cash
flow guidance outlook for 2023, attributing the increase to the
strength of the business.
It said it now expects revenue growth of 8%-9%, from a previous
6%-8% forecast, and operating profit growth to be in the range of
12%-13%, from 6%-7%. Free cash flow is expected to be at least
EUR1.7 billion, from prior guidance of at least EUR1.6 billion.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 02, 2023 03:35 ET (07:35 GMT)
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