The Coca-Cola Company (NYSE:KO) Q3 2015 Earnings Conference Call - Final Transcript

Oct 21, 2015 • 09:30 am ET


The Coca-Cola Company (NYSE:KO) Q3 2015 Earnings Conference Call - Final Transcript


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At this time, I would like to welcome everyone to The Coca-Cola Company's Third 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 session of the call. (Operator Instructions)

Participants will be announced by their name and company. 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 questions.

I would now like to introduce Tim Leveridge, VP and IRO. Mr. Leveridge, you may begin.

Timothy K. Leveridge

Good morning, and thank you for being with us today. I'm joined by Muhtar Kent, our Chairman and CEO; James Quincey, our President and COO; and Kathy Waller, our CFO.

Before we begin, I would like to inform you that you can find webcast materials in the Investors section of our company website at that support the prepared remarks by Muhtar, James 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. These schedules reconcile certain non-GAAP financial measures, which may be referred to by our senior executives during this morning's discussion to our results as reported under generally accepted accounting principles. Please look on our website for this information.

In addition, this conference call may contain forward-looking statements, including statements concerning long-term earnings objectives, and should be considered in conjunction with cautionary statements contained in our earnings release and in the company's most recent periodic SEC report.

Following prepared remarks this morning, we will turn the call over for your questions. In order to allow as many people to ask questions as possible, we ask that you limit yourself to one question. If you have multiple questions, please re-enter the queue in order to ask additional questions.

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

Ahmet Muhtar Kent

Thank you, Tim, and good morning, everyone. 12 months ago, we announced a five-point strategic plan to reignite our performance. Since then, our company has undergone substantial change while navigating a slowing global macroeconomic environment. Before handing the call over to James Quincey, our recently announced President and COO, to review our third quarter performance results, let me recap the decisive actions we've taken over the past year, as well as highlight why we believe The Coca-Cola Company is well positioned to continue winning in the vibrant non-alcoholic beverage industry.

First, we said we would drive revenue and profit growth with clear portfolio roles across our markets. We have and will continue to do so. We segmented our markets to develop long-term revenue growth strategies based on clear volume, price investment and profit expectations, which were built into our 2015 plans and strategies going forward. Importantly, we revised our annual incentive metrics to include revenue growth, and