The Coca-Cola Company Reports First Quarter 2011 Results
We continued to grow worldwide volume and value share in total nonalcoholic ready-to-drink beverages, driven by volume and value share gains in both sparkling and still beverages.
4/27/2011 --- The Coca-Cola Company reports strong first quarter 2011 operating results, with comparable EPS growth in line with our long-term target and with reported worldwide volume growth of 6%, cycling 3% growth in the prior year quarter. Excluding new cross-licensed brands in North America, primarily Dr Pepper brands, worldwide volume grew 5% in the quarter, ahead of our long-term target. We achieved broad-based volume growth in the quarter across each of our five geographic operating groups, with growth of 8% in Eurasia and Africa, 7% in Latin America, 6% in North America (2% excluding new cross-licensed brands), 5% in Pacific and 1% in Europe. North America achieved its fourth consecutive quarter of organic volume growth.
In the quarter, we grew global volume and value share in NARTD beverages, with share gains across most beverage categories. We continued to see growth in sparkling beverages, with worldwide brand Coca-Cola volume growth of 3% in the quarter driven by a wide array of global markets, including 24% in Russia, 20% in Turkey, 14% in China, 11% in Mexico, 9% in India, 8% in South Korea and 4% in Germany. Worldwide sparkling beverage volume grew 4% in the quarter (3% excluding new cross-licensed brands in North America), with international sparkling beverage volume also growing 4%.
Worldwide still beverage volume grew 11% in the quarter, led by growth across the portfolio, including juices and juice drinks, ready-to-drink teas, sports drinks and water brands. Still beverage volume in the quarter grew 12% internationally and 8% in North America. Juice brand Del Valle recently became our 15 th billion dollar brand, and is the first billion dollar Company brand with roots in Latin America. Minute Maid Pulpy, a billion dollar brand with roots in China, continues to expand globally and achieved 25% growth in the quarter. And vitaminwater grew in the quarter, with solid double-digit growth internationally and 8% growth in North America.
Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company said, "I am pleased with our first quarter results. Despite ongoing global geopolitical challenges, we once again delivered consistent, quality growth across all five of our geographic operating groups, with broad worldwide share gains across beverage categories. The growing value of our brands, our consistent quality operating results and our solid financial performance underscore how our system is steadily and strategically advancing its momentum around the world.
"This year on May 8 we celebrate the 125 th anniversary of one of the world's greatest consumer product innovations -- Coca-Cola. As we mark this milestone, we see a company and a system shaped by its youth and not its age.
"And as we look forward, the opportunities before us are clearly abundant. We see one unified system, guided by 700,000 of the world's greatest people and aligned behind one compelling and achievable 2020 Vision. Collectively, we own, inspire and drive our 2020 Vision each and every day. Our strong alignment has not only helped us weather recent storms, it has put us in a position of real strength. That is why, as we look ahead to 2020 and beyond, I am confident that our system has only just begun to achieve its potential in ushering in a new era of winning for all of our shareowners."
