Coca-Cola HBC on Tuesday reported a better-than-expected operating profit for 2022, helped by price hikes and cost-saving measures.
The bottler, however, expects 2023 organic operating profit growth in the range of +3% to -3%.
Fall In Earnings
Coca-Cola HBC posted a fall of about 12% in its earnings for the year ended 31 December1 at €703.8 million ($755.5 million), above the company-compiled analysts' consensus of €658.2 million.
Although there has been a shift in consumer spending due to customers preferring cheaper alternatives amid rising inflation , packaged beverage and food makers have continued to see resilient demand for their products despite price hikes.
Diverse Portfolio
The Switzerland-headquartered company's diverse portfolio ranges from alcoholic beverages such as The Macallan and Jack Daniel's to carbonated drinks Sprite and Monster Energy to Bambi biscuits and wafers.
According to the company-compiled consensus, analysts on average expect organic operating profit in 2023 to be abo ut €865.6 million, reflecting a 23% year-on-year growth.
Most Sustainable Beverage Company
Last December the 2022 Dow Jones Sustainability Index (DJSI), one of the world’s leading global sustainability benchmarks, ranked Coca-Cola HBC as the world’s most sustainable beverage company after its score improved by six points on 2021 to a record 93 out of 100.
It is the 12th consecutive year that Coca-Cola HBC has featured among the top three performers, and the sixth time it has been named the global industry leader.
Read More: Coca-Cola HBC Named World's Most Sustainable Beverage Company
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