(Reuters) – Coca-Cola raised its annual revenue and profit forecasts on Tuesday, citing consumer enthusiasm for its sodas, juices and energy drinks despite higher prices.
Average selling prices increased 9% in the third quarter while unit case volumes grew 2%, the company said in a statement.
Rival PepsiCo also beat analysts’ expectations earlier this month as consumers continued to spend on more expensive sodas, an “affordable luxury” while food prices are high.
Coca-Cola now expects organic revenue growth of 10 to 11 percent for the full year, up from 8 to 9 percent previously. It is also targeting earnings per share up 7 to 8%, after forecasting 5 to 6%.
The group reported net sales in the third quarter up 8% to reach $11.91 billion (€11.20 billion), compared to $11.44 billion estimated by analysts. , according to LSEG data.
(Reporting Ananya Mariam Rajesh in Bangalore, Stéphanie Hamel, editing by Kate Entringer)
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