Coca-Cola HBC SA today posted Q3 profits that outstripped analysts expectations. The world’s third largest Coke bottler said the third quarter had contributed to a near-tripling of its nine-month net profit to €133m ($152.8m) from €82m year-on-year. According to a survey by Dow Jones, analysts had expected profit of around €131m.
The strong performance helped Coca-Cola HBC to increase its full-year net profit forecast, again, to above €100m. The first half of the year beat forecasts, which prompted the company to increase its guidance from €70m to between €90m and €100m.
The company attributed the growth to warm summer weather in key markets and newly-acquired water businesses. Lower interest rates and taxes also contributed to the strong figures.
Coca-Cola HBC jointly acquired, with the Coca-Cola Company, Swiss mineral water bottler Valser and Romanian peer Dorna Apemin in 2002. The two companies contributed around 3% of overall company volume growth and 2% of earnings before interest, taxes, depreciation and amortisation (EBITDA) growth.
Nine month company revenue rose by 4% to €3.15 billion from €3.01 billion.
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