Because it kept raising pricing and witnessed an improvement in its business in China, Coca-Cola Co. announced first-quarter sales that were better than anticipated.
According to the company’s Monday report, revenue increased 5% to $11 billion between January and March. Wall Street had anticipated less from that. $10.8 billion in revenue was predicted by analysts surveyed by FactSet.
After adjusting for one-time factors, the Atlanta beer juggernaut made 68 cents per share. That also outperformed analysts’ prediction of 65 cents.
Concentrate sales increased by 1%, but pricing and mix, including adjustments in package sizes, increased revenue by 11%. As prices have moderated, the business has stated that it anticipates slower growth this year.
As COVID-related shutdowns in China ended, unit case volumes increased by 10% across Asia.
Sales in North America were constant. Lower water, tea, and coffee sales more than made up for higher sales of soft drinks, juice, and dairy.