The Coca-Cola Company’s (KO) CEO Muhtar Kent on Q2 2014 Results – Earnings Call Transcript

Source: Seeking Alpha

 

The Coca-Cola Company (NYSE:KO)

Q2 2014 Results Earnings Conference Call

July 22, 2014, 09:30 AM ET

Executives

Jackson Kelly – VP and IR

Muhtar Kent – Chairman and CEO

Kathy Waller – CFO

Ahmet Bozer – EVP and President of Coca-Cola International

Sandy Douglas – SVP, Global Chief Customer Officer and President, Coca-Cola America

Irial Finan – EVP and President of Bottling Investments

Analysts

Judy Hong – Goldman Sachs

John Faucher – JPMorgan

Bryan Spillane – Bank of America Merrill Lynch

Michael Steib – Credit Suisse

Mark Swartzberg – Stifel Nicolaus

Ali Dibadj – Sanford Bernstein

Steve Powers – UBS

Bill Schmidt – Deutsche Bank

Nik Modi – RBC Capital Markets

Kevin Grundy – Jefferies

Operator

At this time, I would like to welcome everyone to The Coca-Cola Company’s Second Quarter 2014 Earnings Results Conference Call. Today’s call is being recorded. If you have any objections, please disconnect at this time. All participants will be on a listen-only mode until the formal question-and-answer portion of the call. (Operator Instructions)

Due to the interest in this call, we request a limit of one question per person. I would like to remind everyone that the purpose of this conference is to talk with the investors and therefore questions from the media will not be addressed. Media participants should contact Coca-Cola’s Media Relations Department, if they have any questions.

I would now like to introduce Jackson Kelly, Vice President and Investor Relations Officer. Mr. Kelly, you may begin.

Jackson Kelly – VP and IR

Good morning and thank you for being with us today. I’m joined by Muhtar Kent, our Chairman and Chief Executive Officer and Kathy Waller, our Chief Financial Officer.

Following prepared remarks by Muhtar and Kathy this morning, we will turn the call over for your questions. Ahmet Bozer, Executive Vice President and President of Coca-Cola International; Sandy Douglas, Senior Vice President, Global Chief Customer Officer and President, Coca-Cola America; and Irial Finan, Executive Vice President and President of Bottling Investments will also be available for our Q&A session.

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Before we begin, I would like to remind you that this conference call may contain forward-looking statements, including statements concerning long-term earnings objectives and should be considered in conjunction with cautionary statement contained in our earnings release and in the company’s most recent periodic SEC report.

In addition, I would also like to note that we have posted schedules under the Financial Reports and Information tab in the Investors section of our company website at www.coca-colacompany.com.

These schedules reconcile certain non-GAAP financial measures, which may be referred to by our senior executives during this morning’s discussion to our results as reported under Generally Accepted Accounting Principles. Please look on our website for this information.

Now, I’ll turn the call over to Muhtar.

Muhtar Kent – Chairman and CEO

Thank you, Jackson and good morning, everyone.

Earlier this year we established five global strategic priorities to restore our global growth momentum. Halfway through the year, I am pleased to report that we’ve delivered another quarter of sequentially improving performance results.

While I am pleased with this year-to-date progress, we’re conscious of the fact that we still have more work to do. In spite of continued sluggish global economic growth, the beverage industry remains vibrant.

Consumers today have a wide array of beverages to choose from than ever before and our system is responding by evolving the way we operate leveraging our strength to create new competitive advantages.

Our second quarter and year-to-date performance results reflect the steady progress that we are making and that we expect to continue as we further solidify the foundation for long term sustainable growth.

We closed out the second quarter with 3% global volume growth, including global sparkling growth of 2% and importantly price mix increased 2% on a consolidated basis as we strive to deliver balanced volume and revenue growth.

We’re seeing a number of encouraging signs across our global operating system. In the second quarter, brand Coca-Cola grew 1% in North America along with solid 3% sparkling price mix.

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