Coca-Cola FEMSA has appointed Sedef Salingan Sahin as its new Series D director following the resignation of Jennifer K. Mann, according to a June 13 SEC filing. The Coca-Cola Company holds an indirect stake in the bottler through those Series D shares. The board change comes as the company navigates a challenging first quarter in Mexico, where revenue rose 1.1 percent year-over-year to 70.9 billion Mexican pesos but missed the 71.2 billion peso consensus estimate, and earnings per share of 0.26 peso fell slightly short of forecasts. Management attributed the softness to an excise tax increase and subdued consumer demand, and is working with The Coca-Cola Company on a financial and commercial strategy to strengthen its competitive position and lay the foundation for long-term growth in the market.
Fomento Economico MexicanoFEMSA's Q1 revenue and EPS missed consensus due to subdued consumer demand and an excise tax increase in Mexico.
The Coca-Cola CompanySubdued consumer demand in Mexico, a key market for The Coca-Cola Company's indirect bottling stake, contributed to Coca-Cola FEMSA missing Q1 estimates.
Coca-Cola Femsa SAB de CV ADR