(Reuters) – Coca-Cola’s first-quarter revenue and profit beat Wall Street expectations as demand held steady despite multiple price increases implemented to combat rising material costs materials and transport costs.
Average selling prices rose 11% in the first quarter, the company said, while unit case volumes increased 3%.
The company had indicated in February that it would raise soda prices further in 2023 “worldwide” to combat continued cost increases, but at a moderate pace compared to rival PepsiCo, which halted hikes. of price.
Coca-Cola’s operating margin was 30.7% in the first quarter, down from 32.5% a year earlier, as price increases did not fully offset higher operating costs , marketing expenses and investments, as well as the impact of the strong dollar.
The company’s first-quarter revenue rose about 5% to $10.98 billion, beating the expected $10.80 billion, according to Refinitiv data.
Adjusted earnings were 68 cents per share, versus 64 cents estimated.
The title Coca Cola took about 1% in pre-market trading.
(Report Ananya Mariam Rajesh in Bangalore, Augustin Turpin, edited by Kate Entringer)
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