2nd Nov 2022 11:49
(Alliance News) - Coca-Cola Europacific Partners PLC on Wednesday reported another strong quarter thanks to the continued recovery from the Covid-19 pandemic in the away-from-home channel, as well as a resilient at-home market.
The Uxbridge, England-based soft drinks bottler posted revenue of EUR4.75 billion in the third quarter of 2022, up 20% against the previous year.
In the year-to-date, revenue totalled EUR13.03 billion, representing growth of 32% against the year prior.
"Key to this was the continued recovery of the away from home channel, a return to travel and tourism for many consumers, great summer weather in Europe and a resilient home channel," explained Chief Executive Damian Gammell.
As a result of its strong performance, the firm raised its top line, bottom line and free cash flow guidance for the full-year.
Annual revenue growth is now expected between 15% and 16%, improved from previous guidance of between 11% and 13%. Operating profit is expected to growth by between 11% and 15%, up from between 9% and 11% previously.
Free cash flow is anticipated at at least EUR1.8 billion, up from EUR1.6 billion previously.
"We are confident in the resilience of our robust categories and the strength of the relationships we have with our customers, who continue to share in our success, despite a more uncertain outlook," Gammell added.
Coca-Cola EP declared a second-half interim dividend of EUR1.12, resulting in a full-year payout of EUR1.68, which is up 20% from 2021 and 36% from 2019.
Shares in Coca-Cola EP were up 0.7% at EUR48.16 pence on Wednesday in London.
By Heather Rydings; [email protected]
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