Coca-Cola beats quarterly revenue estimates on steady demand
Timilehin Adejumobi
1 min read
Coca-Cola Co (KO.N) beat Wall Street estimates for quarterly revenue on Monday, as demand for its sodas remained resilient in the face of multiple price increases.
A near domination of the global carbonated drinks market along with rival PepsiCo (PEP.O) has helped Coca-Cola to raise prices with little or no pushback from consumers.
Consumer goods companies have raised prices to pass on steep commodity and raw material costs that stemmed from supply-chain snags fueled by the pandemic and aggravated by the Russia-Ukraine conflict.
Average selling prices rose 11% in the first quarter, Coca-Cola said, while unit case volumes rose 3%.
The company said net revenue rose to $10.98 billion from $10.49 billion in the first quarter, compared with analysts’ average estimate of $10.80 billion, according to Refinitiv data.
Shares of the company were marginally higher in premarket trading.
This report’s information was first seen on REUTERS; to read more, click this link.
