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Bottler Coca-Cola HBC beats revenue estimate on strong demand
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Bottler Coca-Cola HBC beats revenue estimate on strong demand
Apr 29, 2024 11:35 PM

April 30 (Reuters) - Bottler Coca-Cola HBC beat

market forecast for first-quarter revenue on Tuesday, and

reiterated that its operating profit will expand further this

year, supported by strong demand for its coffee, energy and

sparkling drinks.

The company has continued to witness strong sales even as

prices were hiked over the past year to keep up with high costs,

while regions such as Egypt and Nigeria were impacted by

devaluation of the naira and Egyptian pound.

The Switzerland-based company, in which U.S. beverage giant

Coca-Cola owns more than 23%, reported a 12.6% rise in

organic net sales revenue for the three months ended March 29 to

2.23 billion euros ($2.39 billion).

Analysts in a company-compiled consensus had expected an

organic revenue growth of 9.5% in the reported quarter.

"Although we are mindful of the broader macroeconomic

backdrop, we are confident in delivering our financial guidance

in the year ahead and on making further progress against our

medium-term growth targets," CEO Zoran Bogdanovic said in a

statement.

Coca-Cola HBC ( CCHBF ) maintained its outlook for annual organic

operating profit to grow in the range of 3% to 9%, as it ramps

up its investments and brand launches.

Organic revenue per case for the quarter was up 10.6%.

($1 = 0.9342 euros)

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