Coca Cola BioSnap a weekly updated Biography.
Coca Cola has been making business headlines this week with a flurry of strategic moves and some candid executive introspection. Starting with a shakeup in their alcoholic drinks venture Coca Cola’s Red Tree Beverages has just parted ways with Constellation Brands for its Fresca Mixed ready to drink cocktails and inked a new partnership with Sazerac. Dan White Coca Cola’s chief of new revenue streams, says Sazerac’s knack for production scale and distribution should turbocharge their RTD offerings including the upcoming Fresca Hard a zero sugar malt beverage expected next year, as reported by The Spirits Business and FoodBev, and this signals Coca Cola’s deeper push into adult beverages while leveraging Sazerac’s prowess.
Meanwhile CEO James Quincey is making waves for his frank comments on what is now being called Coca Cola’s misadventure in coffee. Speaking on the latest earnings call Quincey said he is “rethinking” the multibillion dollar Costa Coffee buy from 2018 a deal that never quite perked up. Industry analysts are blunt Costa’s star faded in the US and revenue has not bounced back with US competition and volatile coffee prices hampering progress. The word among Wall Street reporters and sources like Yahoo Finance is that while an immediate sale of Costa is not in the cards Coca Cola has folded the struggling brand into its regional division instead of prepping it for divestiture. Costa’s future is now a company experiment rather than a flagship.
On the financial front Coca Cola posted $12.5 billion in Q2 revenue, up just 1 percent year over year, with EPS of 88 cents beating expectations. This week saw shares close at $67.01, down 0.9 percent Friday per Ainvest, but still up over 7 percent for the year. The company announced a quarterly dividend of 51 cents a share payable October 1st as reported by MarketBeat, holding its reputation as a Dividend King.
In other news Coca Cola is flexing its environmental and tech muscles. The group, according to Food Manufacturing and TheStreet, just joined the MIT-led AI Impact Consortium looking to harness AI to solve global issues while protecting its high margin juice business from citrus disease. In Africa the company’s launching a $1.65 million water security initiative in Kenya working with local and international partners for sustainable water access, per Coca Cola’s media center.
Locally in Florida Coca Cola is hosting a hiring event to fill a range of front line roles, hinting at ongoing operational growth. Social media chatter is mostly financial commentary and speculation about the direction of Costa Coffee and new alcoholic launches, with no major influencer dustups. No confirmed celebrity or political endorsements have surfaced this week.
Overall Coca Cola’s week is defined by experimentation partnership shifts and CEO candor, with the narrative swirling around whether this iconic brand can reinvent its portfolio or if it will write off another ambitious gamble.
Get the best deals
https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI
