Coca-Cola releases full-year results
Company announces milestones within its system
The Coca-Cola Co., Atlanta, announced its fourth quarter operating results and that it achieved or exceeded the company’s full-year guidance in 2017. While reported net revenues continued to be primarily impacted by ongoing refranchising initiatives, the company delivered broad-based organic revenue (non-GAAP) growth across all operating segments, as well as profit growth, it says.
“I am pleased with our accomplishments and results in 2017,” said James Quincey, president and chief executive officer of The Coca-Cola Co., in a statement. “We achieved or exceeded our full-year guidance while driving significant change as we continued to transform into a total beverage company. While there is still much work to do, I am encouraged by our momentum as we head into 2018.”
Throughout 2017, the company made progress in transforming the culture of the organization to be more nimble and entrepreneurial, it says. Its lean center initiative reshaped the corporate structure to support faster growth and empower field operations to act with more speed and independence, it says.
The company also announced milestones in strengthening the system and returning to a capital-light organization, including a fully refranchised bottling system in the United States.
Net revenues declined 20 percent to $7.5 billion for the quarter and declined 15 percent to $35.4 billion for the year, impacted by headwinds of 26 percent and 17 percent, respectively, from the ongoing refranchising of bottling territories.
The U.S. Coca-Cola system now is fully refranchised after the closing of two territories during the quarter, the company says. BI