Turkish Coca-Cola Icecek slips after guidance cut

Coca-Cola Icecek AS

20/08/2024 10:01

** Shares in Coca-Cola Icecek  CCOLA.IS  drop 4.2% after the
Turkey-based company that bottles and distributes alcohol-free
beverages in Turkey, Pakistan, Central Asia and the Middle East
cut its annual forecasts on Monday
    ** Coca-Cola Icecek cuts FX-neutral 2024 net sales revenue
growth target to a low 30s percentage from low 40s previously;
expects EBIT margin to be flat or decline slightly, vs flat
previously
    ** It expects 2024 sales volumes to be between flat and low
single-digit percent growth on a consolidated basis, vs previous
forecast for mid-single digit growth
    ** The outlook cut suggests that pricing may continue to be
challenging in the rest of the year, J.P.Morgan says 
    ** "Although the guidance downgrade would be perceived
initially negative by the market, we expect a positive tone in
the earnings call," JPM adds
    ** The stock is the worst performer on Turkey's BIST 100
index  .XU100  which is up 0.1%

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))