© Reuters. FILE PHOTO: A view shows a traffic sign “Stop” and a board with the logo of Coca-Cola at the company’s plant in Azov in the Rostov region, Russia March 9, 2022. REUTERS/Sergey Pivovarov
(Reuters) – Coca-Cola (NYSE:) HBC AG on Tuesday reported a better-than-expected operating profit for 2022, helped by price hikes and cost-saving measures.
The bottler, however, expects 2023 organic operating profit growth in the range of +3% to -3%.
Coca-Cola HBC posted a fall of about 12% in its earnings for the year ended Dec. 31 at 703.8 million euros ($755.5 million), above the company-compiled analysts’ consensus of 658.2 million euros.
Although there has been a shift in consumer spending due to customers preferring cheaper alternatives amid rising inflation , packaged beverage and food makers have continued to see resilient demand for their products despite price hikes.
The Switzerland-headquartered company’s diverse portfolio ranges from alcoholic beverages such as The Macallan and Jack Daniel’s to carbonated drinks Sprite and Monster Energy to Bambi biscuits and wafers.
According to the company-compiled consensus, analysts on average expect organic operating profit in 2023 to be about 865.6 million euros, reflecting a 23% year-on-year growth.
($1 = 0.9316 euros)