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Coca-Cola HBC AG on Tuesday raised its full-year comparable EBIT guidance after a strong third-quarter performance that was boosted by higher volumes and subsequent revenue growth.
The FTSE 100 Coca-Cola bottler
CCH,
which is 21.4% owned by Coca-Cola Co.,
KO,
said it now expects to report comparable earnings before interest and taxes for the year of 860 million euros to EUR900 million ($861.8 million to $901.9 million) compared with previous guidance of EUR740 million to EUR820 million.
Organic revenue, excluding Russia and Ukraine, grew 20% in the third quarter of the year, with organic volumes 5.7% higher, the company said.
On a group level, organic revenue rose 7.4% while volumes fell 6.6% due mainly to the company’s move out of Russia.
“We remain confident in the strength and breadth of our portfolio and resilience of our business. We continue to invest in the opportunities that position us well for the future, with the goal of delivering sustainable growth and creating shareholder value,” Chief Executive Zoran Bogdanovic said.
Write to Ian Walker at ian.walker@wsj.com
