The Coca-Cola Company (NYSE:KOWI) Q1 2015 Earnings Conference Call - Final Transcript

Apr 22, 2015 • 09:30 am ET


The Coca-Cola Company (NYSE:KOWI) Q1 2015 Earnings Conference Call - Final Transcript


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Thank you. At this time, I would like to welcome everyone to the Coca-Cola Company's First Quarter 2015 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. All participants will be in a listen-only mode until the formal question-and-answer portion of the call. (Operator Instructions) I would like to remind everyone that the purpose of this conference is to talk with investors and therefore questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations Department, if they have any questions. I would now like to introduce Tim Leveridge, Vice President and Investor Relations Officer. Mr. Leveridge, you may begin.

Tim Leveridge

Good morning and thank you for being with us today. I'm joined by Muhtar Kent, our Chairman and Chief Executive Officer and Kathy Waller, our Chief Financial Officer. Before we begin, I would like to inform you that you can find Webcast materials in the Investor section of our company website at that support the prepared remarks by Muhtar and Kathy this morning. I would also like to note that we have posted schedules under the Financial Reports and Information tab in the Investors section of our Company website.

(Forward-Looking Cautionary Statements)

Following prepared remarks by Muhtar and Kathy this morning, we will turn the call over for your questions. Ahmet Bozer, Executive Vice President and President of Coca-Cola International; Sandy Douglas, Senior Vice President and President of Coca-Cola North America; and Irial Finan, Executive Vice President and President of Bottling Investments will also be available for our Q&A session.

Now, I'll turn the call over to Muhtar.

Muhtar Kent

Thank you, Tim and good morning everyone. First apologizes that for the state of my voice, I have a cold, so please bear with me. I'm going to start with some highlights from our first quarter performance and then review the progress we've made against our five strategic actions, we laid out last October to reignite growth.

Finally, I will touch on our outlook for the remainder of the year, before I turn the call over to Kathy to take you through more details on the financial results. Let me begin by saying that I'm pleased to report early momentum in the beginning of 2015, a year of transition for the Company.

We delivered promising first quarter results, especially in light of the significant macroeconomic volatility in many regions around the world, and the productivity and rewiring initiatives we are implementing this year. For those of you following our webcast, you can see our quarterly performance score card on slide four. Our performance was largely driven by the strength of our global brand portfolio and the strong distribution capabilities of our bottling partners as evidenced by our continued global value share gains in NARTD, sparkling beverages, as well as still beverages in the quarter.

While certain markets faced significant currency devaluation, economic slowdown, or political unrest, our focus on improving our execution enabled us to deliver overall solid