CCHGY Coca Cola HBC AG (PK)

By Anthony O. Goriainoff

Coca-Cola HBC AG said Wednesday that first-quarter net sales revenue rose, beating consensus, and that it had greater confidence in achieving positive organic EBIT growth in 2023.

The bottler for Coca-Cola Co.--listed in both London and Athens--generated net sales revenue of 2.20 billion euros ($2.42 billion) compared with EUR1.77 billion for the first quarter of 2022.

Net sales revenue consensus was EUR2.05 billion, taken from Vuma and based on 18 analysts' estimates.

This was as volumes rose 2.6% to 621.1 million unit cases, and revenue per unit case was 21.3% higher at EUR3.55. A unit case contains 5.68 liters, or 24 servings.

The company said sparkling volumes grew by 2.9%, excluding Russia and Ukraine, and were driven by Trademark Coke up mid-single digits with overall sparkling volumes falling 1.6%. Energy volumes rose 23.8%, excluding Russia and Ukraine, with overall energy volumes up 11.9%. Excluding Russia and Ukraine coffee grew 25%, with good performance across all segments. Still volumes fell 13.3% as growth in sports drinks was offset by declines elsewhere, notably in water, the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

May 03, 2023 02:59 ET (06:59 GMT)

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