Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) Q3 2024 Results Conference Call November 5, 2024 7:00 AM ET
Company Participants
Sarah Willett - Vice President of Investor Relations & Corporate Strategy
Damian Gammell - Chief Executive Officer
Ed Walker - Chief Financial Officer
Conference Call Participants
Matthew Ford - BNP Paribas
Simon Hales - Citi
Sanjeet Aujla - UBS
Mitchell Collett - Deutsche Bank
Lauren Lieberman - Barclays
Eric Serotta - Morgan Stanley
Bryan Spillane - Bank of America
Charlie Higgs - Redburn Atlantic
Edward Mundy - Jefferies
Robert Ottenstein - Evercore ISI
Philip Spain - JPMorgan
Sarah Willett
Thank you all for joining us today. I'm here with Damian Gammell, our CEO; and Ed Walker, our CFO. Before we begin with our opening remarks on our third quarter trading update, a reminder of our cautionary statements. This call will contain forward-looking management comments and other statements reflecting our outlook. These comments should be considered in conjunction with the cautionary language contained in today's release as well as the detailed cautionary statements found in reports filed with the U.K., U.S., Dutch and Spanish authorities. A copy of this information is available on our website at www.cocacolaep.com. Prepared remarks will be made by Damian, we will then turn the call over to your questions.
Unless otherwise stated, metrics presented today will be on a comparable and FX-neutral basis throughout. They will also be adjusted on -- presented on an adjusted comparable basis, thus reflecting the results of CCEP in our Australia Pacific and Southeast Asia business unit, APS is the Coca-Cola Philippines transaction had occurred at the beginning of this year rather than February when the acquisition completed. Following the call, a full transcript will be made available as soon as possible on our website.
I will now turn the call over to our CEO, Damian.
Damian Gammell
Thank you, Sarah. And again, many thanks to everyone for joining us today. Before getting into our Q3 trading update, I just wanted to pause and convey that our thoughts are with the communities in Spain and all those affected by the recent devastating flooding. Coca-Cola has had a presence in Spain for more than 70 years, and we will continue to support our colleagues, customers in the affected area as well as our local communities.
So now to our trading update. Before we get into more detail on our third quarter, I just wanted to take a moment to stand back and reflect on the year-to-date. 2024 continues to be a solid year for CCEP. We've grown volume and revenue year-on-year with share growing ahead of the market. And in both NARTD category, which remains resilient and continues to grow in both Europe and in our APS region. Our focus on revenue and margin growth management, headline price and promotional optimization across our broad pack offering has driven a really solid revenue per unit case growth, especially in our developed markets. Our geographic diversification means we are more robust than ever with our higher growth markets in APS, led by the Philippines, offsetting softer volumes in Europe. Underlying volumes, which exclude the effect of strategic portfolio changes, were up year-to-date by just over 1%.