Q1 2014 Earnings Call Transcript

Transcript Call Date 04/15/2014

Operator: At this time, I would like to welcome everyone to the Coca-Cola Company's First Quarter 2014 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, you may disconnect at this time. All participants will be on a listen-only mode until the formal question-and-answer portion of the call. Due to the interest in this call, we request to 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 now would like to introduce Jackson Kelly, Vice President and 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; Gary Fayard, our Chief Financial Officer, who as you know has elected to retire next month, as well as Kathy Waller, who will be recommended for the role of CFO at next week's Board meeting. Following prepared remarks by Muhtar and Gary this morning, we will turn the call over to you for your questions. Ahmet Bozer, Executive Vice President and President of Coca-Cola International; Sandy Douglas, Senior Vice President, Global Chief Customer Officer and President, Coca-Cola North America, and Irial Finan, Executive Vice President and President of Bottling Investments and Supply Chain, will also be available for the Q&A session.

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 under the Financial Reports and Information tab in the Investors section of our Company website at www.coca-colacompany.com. 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.

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

Muhtar Kent - Chairman and CEO: Thank you, Jackson, and good morning, everyone. I appreciate you joining us for an update on our first quarter performance. As you know, we started 2014 with a clear objective of restoring the momentum of our global business.

This morning, I'm pleased to report that our growth momentum is improving in line with our expectations. In the midst of continued headwinds, we achieved sequentially stronger 2% volume cycling 4% volume growth in the prior-year quarter. Despite the shift of the Easter holiday into the second quarter of this year; comparable currency neutral net revenue growth of 2% after excluding the impact of structural items; growth of an incremental 100 million unit cases or the equivalent of 27 million incremental servings for each day and both volume and value share gains in nonalcoholic ready-to-drink beverages with value share gains ahead of volume share gains.

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