Coca-Cola Co on Monday topped Wall Street estimates for first-quarter revenue and profit, benefiting from resilient demand for its sodas as well as multiple price increases undertaken to combat higher commodity and shipping costs.
Traffic passes a Coca-Cola digital billboard in the Times Square area of Manhattan in New York City, U.S. March 2, 2023. REUTERS/Chris HelgrenCEO flags "uncertainty" over consumer environmenton Monday topped Wall Street estimates for first-quarter revenue and profit, benefiting from resilient demand for its sodas as well as multiple price increases undertaken to combat higher commodity and shipping costs.
"The strength in case volume growth gives us confidence that sales momentum can continue as Coca-Cola's sales strategies are resonating with consumers," Edward Jones analyst Brittany Quatrochi said.Pepsi and Coca-Cola have faced little or no pushback from consumers to price increases thanks to their near-domination of the global carbonated drinks market.
Quincey also said the recent banking crisis has fueled further uncertainty about purchasing behaviors in Europe, while consumption is still recovering to pre-pandemic levels in China after the lifting of curbs. On the call, executives said freight expenses as well as some commodities costs were moderating but prices for sweeteners and juices were trending higher.
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