Investing.com -- Coca-Cola (NYSE:KO) Europacific Partners (CCEP) anticipates its annual growth to align with its medium-term objectives, and has introduced a share buyback program worth 1 billion euros ($1.05 billion).
This announcement led the company's shares to increase by 1.2% during premarket trading in the US.
In the financial report for 2024, CCEP unveiled a pretax profit decline to 1.94 billion euros, down from 2.20 billion euros the previous year. Despite the drop in profit, the company's revenue surged nearly 12%, primarily driven by the Australia-Pacific region while Europe's performance trailed.
The company's operating profit dropped nearly 9% to 2.13 billion euros. However, when excluding exceptional and other one-off items, the adjusted operating profit increased by 8% to 2.67 billion euros, a reflection of the company's cost-saving measures.
The bottling company projected a revenue growth of approximately 4% by 2025, accompanied by an operating profit growth of 7%, despite a broadly flat commodity inflation.
Damian Gammell, Chief Executive Officer, expressed confidence in the company's strategy for the future. He stated, "We are well placed for 2025 and beyond in categories that are growing, with strong investment and commercial plans in place to drive growth. We are confident that we have the right strategy, done sustainably to deliver on our mid-term growth objectives."
The updated guidance, which follows a positive performance in 2024, includes a share buyback program of up to 1 billion euros over the next 12 months and a dividend of 1.97 euros per share.
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