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Coca-Cola reports strong 3Q, growth driven by reopening of Costa stores in the UK

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ATLANTA, US – The Coca-Cola Company reported strong third quarter 2021 results and year-to-date performance. Net revenues grew 47% in the quarter, which included an 8-point currency tailwind. Organic revenues (non-GAAP) grew 39%. Revenue growth was primarily driven by the ongoing reopening of Costa retail stores in the United Kingdom as coronavirus-related uncertainty continued to abate.

“Our strategic transformation is enabling us to effectively navigate a dynamic environment and emerge stronger from the pandemic,” said James Quincey, Chairman and CEO of The Coca-Cola Company.

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“We are updating our full-year guidance to reflect another quarter of momentum in the business. While the recovery continues to be asynchronous around the world, we are investing for growth to drive long-term value for the system. Our strong system alignment and networked organization are helping us unlock enormous potential in our brands and across our markets.”

Coca-Cola Company: Quarterly Performance

Revenues: Net revenues grew 16% to $10.0 billion, resulting in net revenues ahead of 2019, and organic revenues (non-GAAP) grew 14%. Revenue performance included 8% growth in concentrate sales and 6% growth in price/mix. Revenue growth was broad-based with particular strength in markets where coronavirus-related uncertainty is abating.

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Margin: Operating margin, which included items impacting comparability, was 28.9% versus 26.6% in the prior year, while comparable operating margin (non-GAAP) was 30.0% versus 30.4% in the prior year. Comparable operating margin (non-GAAP) compression was primarily driven by a significant increase in marketing investments versus the prior year, partially offset by strong revenue growth.

Earnings per share: EPS grew 41% to $0.57, and comparable EPS (non-GAAP) grew 18% to $0.65. Comparable EPS (non-GAAP) growth included the impact of a 3-point currency tailwind.

Market share: The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages, which included share gains in both at-home and away-from-home channels. The company’s value share in total NARTD beverages remains ahead of the 2019 level.

Cash flow: Year-to-date cash flow from operations was $9.2 billion, up $3.0 billion versus the prior year, driven by strong business performance, five additional days in the first quarter and working capital initiatives. Year-to-date free cash flow (non-GAAP) was $8.5 billion, up $3.0 billion versus the prior year, driven by strong cash flow from operations.

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