Coca-Cola Co KO
Q3 2011 Earnings Call Transcript

Transcript Call Date 10/18/2011

Operator: At this time, I would like to welcome everyone to the Coca-Cola Company's Third Quarter 2011 Earnings Results Conference Call. Today's call is being recorded. If you have any objection, you may disconnect at this time. All participants will be in a listen-only mode until the formal question-and-answer portion of the call.

Due to the interest in this call, we request a limit of one question per person. 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 Mr. Jackson Kelly, Vice President Investor Relations officer. Mr. Kelly, you may begin.

Jackson Kelly - IR: Good morning, and thank you for being with us today. I'm joined by Muhtar Kent, our Chairman and Chief Executive Officer; and Gary Fayard, our Chief Financial Officer. Following prepared remarks this morning, we will turn the call over for your questions.

Before we begin, I would like to remind you that 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.

In addition, I would also like to note that we have posted schedules on our Company website at, under the Reports and Financial Information tab in the Investors section, which reconciles certain non-GAAP financial measures that may be referred to by our senior executives in our discussion this morning and from time-to-time in discussing our financial performance to our results as reported under Generally Accepted Accounting Principles. Please look on our website for this information.

Now, I will turn the call over to Muhtar.

Muhtar Kent - Chairman and CEO: Thanks, Jackson, and good morning, everyone. On behalf of our 140,000 associates at the Coca Cola Company, I'm pleased to share our earnings report for the third quarter. Once again we delivered performance results in line with or ahead of our long-term growth targets making this the sixth consecutive quarter we've either met or exceeded our long-term growth targets.

We continue to advance our global momentum from a position of real strength realizing growth across every one of our five geographic operating groups. For both the quarter and year-to-date we once more gained global volume and value share in non-alcoholic ready-to-drink beverages. Our global sparkling beverage portfolio keeps growing, up 4% for the quarter and 5% year-to-date. This growth was driven by brand Coca-Cola, which was up 3% in both the quarter and year-to-date. Earlier this month Interbrand ranked Coca-Cola as the world's most valuable brand for the 12th consecutive year. Our global still beverage portfolio is also performing well, up 9% for both the quarter and year-to-date. Importantly, we achieved these balanced quality results together with our system bottling partners during a time of ongoing global market volatility, which is a testament to our clear and focused vision, our strong brands, and our solid execution.

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