Recently, Coca Cola Company released its financial report for the third quarter of 2023. According to the financial report, Coca Cola's revenue in the third quarter was 11.953 billion US dollars, an increase of 8% year-on-year, exceeding market expectations of 11.43 billion US dollars; The operating profit was 3.27 billion US dollars, a year-on-year increase of 6%; The net profit was 3.083 billion US dollars, a year-on-year increase of 9%; Earnings per share was $0.74, a year-on-year increase of 7%, higher than market expectations of $0.69. We achieved steady growth in the third quarter and revised our annual performance guidelines based on our year-to-date performance, "said James Quincey, Chairman and CEO of Coca Cola.
In terms of sales, global single box sales increased by 2% year-on-year; The single box sales in the Asia Pacific market remain unchanged from last year. From the perspective of beverage categories, the global sales of carbonated beverages increased by 2%, mainly driven by the growth of the Latin American and Asia Pacific markets. The global sales of flagship brand Coca Cola increased by 2%, mainly driven by growth in the Latin American and Asia Pacific markets; Sugar free Coca Cola sales increased by 3% globally; The global sales of flavored soda increased by 1%, mainly driven by the growth of the Latin American, Asia Pacific, and North American markets. The global sales of fruit juice beverages, dairy products, and plant-based beverages increased by 2%, mainly driven by growth in the Chinese market such as Meijuyuan Fruit Orange. Global sales of bottled water, sports drinks, coffee, and tea increased by 1%. Coffee sales globally increased by 6%, mainly driven by the strong growth of Costa Coffee in the UK and China markets.
In the third quarter financial report, Coca Cola Company raised its performance guidance for the entire year of 2023, with an expected growth rate of organic revenue in the range of 10% to 11%, higher than the previously expected range of 8% to 9%; The growth rate of earnings per share has been raised to the range of 7% to 8%, higher than the previously expected range of 5% to 6%.
In terms of the Chinese market, Zhan Kunjie said on the financial report conference call, "We still have a lot of room for development in the Chinese market in terms of gas containing beverages, revenue growth management, and execution
In the third quarter, Coca Cola China teamed up with two major bottling partners - COFCO Coca Cola and Taikoo Coca Cola - to continuously increase local investment to promote its presence in China, tap into more market potential, and promote sustainable business growth.
On September 20th, Suzhou Taikoo Coca Cola officially broke ground in Kunshan Development Zone, with a total investment of 2 billion yuan, making it the largest strategic investment of Taikoo Coca Cola in China to date. Suzhou Taikoo Coca Cola will be built into a modern chemical plant in East China that integrates production, distribution, and regional sales headquarters, and will be completed and put into operation by the end of 2025. In the next decade, the total investment of Taikoo Coca Cola in mainland China is expected to exceed 12 billion RMB.
In addition, the Guizhou factory of COFCO Coca Cola, which was put into operation in July last year, is also steadily developing. This is the 20th factory of COFCO Coca Cola and the 46th factory in the Coca Cola China system. Over the past year, the factory has built three advanced intelligent automated production lines, with an annual production capacity of approximately 300000 tons. As of June this year, the factory's business has covered all prefecture level cities and counties in the province, providing consumers with 9 categories and 25 brands of products.
Guangzhou Daily · New Flower City Reporter: Zeng Fanying