“We benefited from hedges in our commodity exposure this year. And even though some of the commodities have started to come off their highs, we expect another year of elevated inflation on a per case basis next year.”

In context

“rter, however, we expect concentrate sales to end the year in line with unit case sales. We are investing in consumer-facing marketing to get a fast start for next year. Lastly, given the backdrop of rising interest rates, we expect to see an impact on our interest expense given our effective exposure to floating rate debt. The environment remains volatile, and while we are preparing for many futures in 2023, we did want to share some early considerations for next year based on what we know today. We are encouraged by the momentum in our top line and we leverage our capabilities to sustain top line growth with the ongoing inflationary backdrop. As we look to our cost outlook, we expect global inflation to continue to impact our expenses across the board and commodities to remain volatile. We benefited from hedges in our commodity exposure this year. And even though some of the commodities have started to come off their highs, we expect another year of elevated inflation on a per case basis next year. We estimate the underlying effective tax rate to be 19.5% for 2023. Regarding currency, if we were to assume current rates and our hedge positions, there would be an approximate 5-point to 6-point currency headwind to comparable net revenues and an approximate 7-point to 8-point currency headwind to comparable earnings per share for full year 2023. However, given the amount of volatility in the currency markets, this initial view could change when we come back to you for the fourth quarter call in February. We are committed to delivering top line-led growth and we remain focused and confident in our ability to achieve our three key objectives: investing for the long-term health of the business, winning locally and generating U.S. dollar EPS growth. We are pleased with our results so far a”