Coca-Cola Europacific Partners reports Q2 slowdown, reaffirms guidance

(Sharecast News) - Shares in UK-based Coca-Cola Europacific Partners dropped on Tuesday after the company's first-half results underwhelmed, with the company keeping full-year guidance unchanged as revenue and volume growth both slowed in the second quarter. CCEP, the world's largest independent Coca-Cola bottler, reported revenues of €10.72bn for the six months to 3 July, up 4.4% over the year before though down from the 6.7% increase registered in the first quarter.

First-half volumes were 5.6% higher at 2,041m unit cases, representing a slowdown from 8.5% in the first quarter.

Operating profits totalled €1.46bn over the six-month period, up 6.9% year-on-year, while earnings per share rose 9.1% to €2.17.

"We delivered a strong first half, with balanced revenue growth, continued share gains and disciplined cost and cash management," said CCEP boss Damian Gammell.

"Our performance reflects the strength of our broad beverage portfolio, the consumer demand for value and the relevance of our innovation across faster-growing categories such as zero sugar, energy and hydration, supported by quality in-market execution and exciting activations including the FIFA World Cup."

Looking ahead, the company still expects to deliver full-year revenue growth of 3-4% on an FX-neutral basis, with operating profit growth of around 7%.

The stock was 3.4% lower at 7,790p by 0820 BST.

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