Coca-Cola on Tuesday reported its third quarter results for 2018, with the soda giant posting a profit growth of 30% to $1.9bn from $1.4bn in the previous year, and $5.6bn profit in the nine months to the end of September, a 39% increase.
The company said that the profit growth was driven by continued innovation and revenue growth management initiatives within sparkling soft drinks, with double digit volume growth of Coca-Cola Zero sugar across all groups. In addition to sparkling soft drinks, the company said it saw strong performance for brands like fuze tea and smartwater.
Coca-Cola also announced several strategic actions, including a number of acquisitions and investments, and continued to lift, shift and scale brands around the world.
Speaking on the results, Coca-Cola President and CEO, James Quincey, said: “We continue to be encouraged by our performance year-to-date as we accelerate our evolution as an even more consumer centric, total beverage company.
“The recent leadership appointments are intended to help accelerate the transformation of our company.”
The company recently announced several changes in top leadership, including the appointment of a new company president and chief Operating Officer (COO) and a succession plan for the Chief Financial officer (CFO).
The Atlanta-based firm said that net revenues for the third quarter fell by 9% to $8.2bn and by 11% to $24.7bn in the nine months to the end of September, impacted by a 13-point headwind from the refranchising of company-owned bottling operations.
Looking forward to the rest of the year, the company said it sees at least a 4% organic revenue growth and 9% growth in comparable currency neutral Operating Income.