The Coca-Cola Company (NYSE:KO) Q3 2019 Earnings Conference Call - Final Transcript

Oct 18, 2019 • 08:30 am ET


The Coca-Cola Company (NYSE:KO) Q3 2019 Earnings Conference Call - Final Transcript


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At this time, I'd like to welcome everyone to The Coca-Cola Company's Third Quarter Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. All participants will be on listen-only mode until the formal question-and-answer portion of the call.

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 Mr. Tim Leveridge, Vice President and Investor Relations Officer. Mr. Leveridge you may now begin.

Timothy K. Leveridge

Good morning and thank you for joining us today. I'm here with James Quincey, our Chief -- Chairman and Chief Executive Officer and John Murphy, our Chief Financial Officer.

Before we begin, I'd like to inform you that we posted schedules under the Financial Reports and Information tab in the Investors section of our Company website at 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.

I'd also like to note that you can find additional materials in the Investors section of our company's website that provide an analysis of our margin structure. 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, please limit yourself to one question. If you have more than one, please ask your most pressing one first and then re-enter the queue.

Now let me turn the call over to James.

James Quincey

Thanks Tim. Good morning everyone. As you'll have seen from our earnings release earlier today, we continue to deliver strong results. We are part of a great industry with solid long-term growth potential. For our Company, that power on aligned and engaged system is driving solid top line growth across all our operating segments.

We see that innovation, revenue growth management and improving execution all supported by greater brand building are helping us sustained momentum across our business. Our associates within the organization and across the system are responding to the cultural changes we are driving.

So, through the three quarters of the year, we've gained global value share with a balanced contribution from both developed and emerging markets. We're sustaining that solid top-line performance with growth across all the operating segments and we're on track to deliver our EPS commitments as momentum in the business has helped offset increased currency headwinds, and as John will talk about, free cash flow is up strongly year-to-date, which is also encouraging.

Looking around the world, as I said, all our operating segments delivered solid organic growth. In EMEA, we've seen sustained revenue growth of