Coca-Cola beat Q1 revenue and earning estimates, earning $10.96B vs. $10.8B estimates.
The company has increased its prices to mitigate the effect of inflation.
- Coca-Cola earned 68 cents per share vs. the 64 cents expected.
- Coke reported Q1 net income attributable to shareholders of $3.11B, up from $2.78B in 2022.
- Organic revenue climbed 12% in the quarter, driven largely by higher prices, while its net sales rose 5% to $10.98B.
- The company's unit case volume, which excludes the impact of pricing and currency changes, grew by 3% in the quarter.
- Growth
in North America was flat, while in Europe, the Middle East, and
Africa, it fell by 3%. The company's strong growth in Latin America and
the Asia-Pacific region, however, compensated for this drop.
- Coke reported a 3% volume growth for its sparkling soft drinks unit. Coke Zero Sugar's volume rose by 8%.
- The company's water, sports, coffee, and tea division saw volume growth of 4%. Its water division's volume alone rose by 5%.
- The company is projecting organic revenue growth of 7% to 8%.
