In Q3 operating results released on Wednesday, The Coca-Cola Company reported net revenues of $10.6 billion, a 7 percent decline from the previous year, while showing positive growth of three percent in the still beverage unit case volume thanks to robust sales from water and sports drinks.
In a press release, Coca-Cola pointed towards foreign currency headwinds and global economic and political instability as the impediments to growing revenue. The figure roughly matches predictions made by financial analytics firms Estimize and FactSet.
“I am pleased to report that we delivered results in line with our expectations,” said Muhtar Kent, Chairman and CEO, in a press release. “We continued to see solid revenue results in our developed markets with 2 percent unit case volume growth and a continued focus on price realization.”
The company continued to gain value share in total North America RTD beverages for the 26th consecutive quarter, with sparkling beverages volume growth driven by Sprite, Fanta and energy drinks, while Diet Coke declined. Coke’s water and sports drink portfolio, which includes Dasani and Powerade, fueled a two percent increase in still beverage volume.
The release also highlighted the expansion of the company’s brand portfolio, including plans to launch Dunkin’ Donuts branded RTD iced coffee beverages in 2017, as well as the implementation of water stewardship initiatives and plans to complete refranchising by the end of 2017.
The complete 2016 Q3 Coca-Cola earnings release can be viewed here.