Coca-Cola Europacific posts 'solid' Q3 despite soft markets

(Sharecast News) - Coca-Cola Europacific Partners (CCEP) reported what it called a "solid" third quarter with a small rise in volumes and revenue despite a softer global market. The bottling group, which makes Sprite, Fanta, Monster and Costa Coffee, said revenues for the three months to September 26 rose 1% to €5.4bn (£4.8bn). Volumes were up 0.4%, with Europe increasing by 0.9% amid weaker consumer demand with favourable brand mix and higher prices driving a 3.4% increase in revenue per case on the Continent.

Europe also offset a 7.7% drop in net revenues in the Asia Pacific business to €1.2bn.

Monster, Sprite and Dr. Pepper boosted UK sales with overall growth in Coca-Cola driven by Zero Sugar and Diet Coke was bolstered by activation and promotions activity.

"Although the global macroeconomic environment remains volatile, we remain resilient, operating in attractive and growing categories. We have strong plans for the rest of the year and beyond, including exciting collaborations with the English Premier League and Star Wars," said CCEP chief executive Damian Gammell.

The company held guidance for full-year revenue growth of 3%-4% and operating profit growth of around 7%. Forecasts were downgraded in August on the back of falling European volumes.

Reporting by Frank Prenesti for Sharecast.com