Coca-Cola today reported Q3 2016 financial results. We caught up with President and COO James Quincey for his take on the company's performance in the quarter and the opportunities ahead. Take a look:
As you look at the third quarter results and company performance year to date, what are your main takeaways?
The main takeaway is that we are delivering results in line with what we expected in a time of significant challenge and change. We are in the midst of one of the biggest transformations of our company as we go from being an integrated global bottling and brand company to one strategically focused on leading a strong global franchise system and building great brands.
We have a strong team that is doing great work in implementing this transformation to build our business for the future. Once we’ve completed refranchising nearly all of our company-owned bottling operations, what will remain is largely what we call a concentrate operation. So when you consider the performance of this part of our business today, it offers a window to the future. While consolidated reported net revenues are down 5% year-to-date in part due to the ongoing structural change in our business as well as macroeconomic headwinds, the organic revenue performance of our core business (non-GAAP) has grown 4% year to date*. This growth demonstrates the overall strength and long-term growth potential of our company.