Bottler Coca-Cola HBC raises 2024 revenue and operating profit forecasts
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(Reuters) – Bottler Coca-Cola HBC boosted its annual operating profit and revenue forecast on Wednesday, as the Swiss group posted higher first-half revenue, helped by its measures to mitigate the impact of high inflation and currency fluctuations.
Demand for packaged beverages and food has stayed resilient, even as companies hiked prices to pass on elevated raw material costs to consumers. A gradually improving economic environment has also encouraged beverage makers to raise their forecasts for the year.
For the full year 2024, organic revenue growth is expected to be between 8% and 12%, up from the company’s previous mid-term target range of 6%-7%, it said.
Organic earnings before interest and taxes growth is expected to lie within the range of 7% to 12%, up from the previous estimates of 3% to 9%.
For the first half of 2024, the bottler posted a 13.6% jump in organic revenue.
(Reporting by Chandini Monnappa and Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich)
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