INSUBCONTINENT EXCLUSIVE:
Coca-Cola Co thumped estimates for quarterly results on Monday as sales in Asia picked up following the reopening of stores and restaurants,
but the beverage maker warned of a rocky road ahead due to growing COVID-19 cases in some markets.The beverage maker said volumes, a key
demand indicator, returned to 2019 levels in March as accelerated vaccinations paved the way for the reopening of economies.Shares of the
Atlanta-based company rose about 1% in morning trading."Whilst we've got back above the line of flotation in March, there's no guarantee
there won't be some extra degree of lockdowns in May or September or December that then puts pressure back on the business," Chief Executive
Officer James Quincey told analysts.In the past few weeks, Latin America and Africa have slowed down vaccine distribution and India, one of
the best performing regions in the first quarter, is seeing a surge in cases and has put in place localized lockdowns."The reality is that
there are more cases now than there were a while ago
We still feel very confident..
but there's a lot of managing left to do," Quincey said.Net revenue rose about 5% to $9.02 billion for the quarter ended April 2 - the
first increase after four quarters of declines - beating the average analyst estimate of $8.63 billion, according to IBES data from
Refinitiv.On an adjusted basis, Coca-Cola earned 55 cents per share, 5 cents more than estimates.Coca-Cola is now seeking a place in more
pantries through single-serve multipacks, smaller packaging, refills and returnable glass bottles."There's been a lot of underlying
progress and Coke's brand is definitely strong enough to carry the group to a recovery," Hargreaves Lansdow William Ryder said.Coca-Cola
also separately announced plans to list its African bottling operations, Coca-Cola Beverages Africa (CCBA), as a publicly traded company
As part of the IPO, Coca-Cola will sell a portion of its 66.5% stake in CCBA.
