Coca-Cola HBC H1 Results Climb; Lifts FY23 Organic Revenue Growth View, Backs EBIT Forecast

(RTTNews) - Coca-Cola HBC AG (CCH.L), a Consumer Packaged Goods business and bottling partner of Coca-Cola Co. (KO), reported Wednesday that its first-half net profit surged to 385.7 million euros from last year's 152.9 million euros.

Basic earnings per share were 1.050 euros, up from 0.418 euro a year ago.

Comparable net profit was 388.9 million euros, higher than 316.9 million euros last year. Comparable earnings per share were 1.058 euros, compared to prior year's 0.865 euro.

Comparable EBIT grew 21.2 percent from last year to 560.7 million euros. Organic EBIT went up 17.7 percent, with margin unchanged on an organic basis at 11.2 percent.

Net sales revenue grew 19.3 percent to 5.02 billion euros from prior year's 4.21 billion euros. Organic revenue growth was 17.8 percent, driven by organic revenue per case growth of 19 percent.

Volume grew 4 percent to 1.38 billion unit cases from last year's 1.33 billion unit cases. Organic volume fell 1.0 percent, with growth in strategic priority categories of Sparkling, Energy and Coffee offset by declines in Stills.

Looking ahead for fiscal 2023, the company now expects mid-teens organic revenue growth following the strong start to the year, compared to previous outlook of above 5 percent to 6 percent.

The company continues to expect organic EBIT growth in the range of 9 percent to 12 percent in 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.