Coca-Cola Europacific Partners PLC (LSE:CCEP, NASDAQ:CCEP), which is expected to join the FTSE 100 soon, shares bubbled back towards recent all-time highs after it served up third-quarter revenues in line with expectations and reaffirmed full-year guidance.
The world’s largest independent Coca-Cola bottler generated revenues of just under €5.4 billion in the three months to end-September, up 11.5% on a year ago, or 2.4% on an adjusted comparable basis, with adjusted comparable volumes flat but average prices rising.
European comparable revenues were down 1.4% with underlying volumes broadly flat, reflecting the de-listing of Capri Sun, mixed summer weather and softer demand in the away-from-home (AFH) channel.
Asia Pacific & Southeast Asia adjusted comparable revenues rose 3.3%.
CEO Damian Gammell said 2024 "continues to be a solid year" for the drinks bottler, having grown volume and revenue ahead of the market.
Given the performance so far this year, he reaffirmed full-year profit and cash guidance alongside declaring a full-year dividend increase of "around 7%" on last year and said CCEP is "well placed for 2025 and beyond".
Following changes to the London listing rules, CCEP, which is already a constituent of the Nasdaq 100, will be able to join the FTSE indices once its move to the appropriate new commercial companies category is completed, scheduled for November 15. Following the next quarterly index reshuffle in early December, it would be large enough to figure in the top third of the biggest companies in the UK benchmark.