Coca Cola Company released its financial report for the third quarter of 2023 on the 24th. According to the financial report, Coca Cola's revenue in the third quarter was $11.953 billion, an increase of 8% year-on-year, exceeding market expectations of $11.43 billion.
The financial report also shows that the company's operating profit for the third quarter 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.
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%, which is also higher than the previously expected range.
Regarding the Chinese market, James Quincey, Chairman and CEO of Coca Cola Company, said on the earnings call, "We are very focused on investing and seizing opportunities to restore business momentum, especially in gas containing beverages, revenue growth management, and execution. We still have a lot of room for development in the Chinese market
In the third quarter of this year, Coca Cola China teamed up with two major bottling partners - COFCO Coca Cola and Taikoo Coca Cola - to continuously increase their domestic investment efforts to promote their layout in mainland China, explore 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. 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 addition, the Guizhou factory of COFCO Coca Cola, which was put into operation in July last year, is also steadily developing, making it the 20th factory of COFCO Coca Cola.