Coca-Cola fizzes past estimates as price hikes boost Q1

Famous fizzy-drinks maker Coca-Cola Co beat first-quarter profit and revenue forecasts driven by high demand and price rises.

Average selling prices rose 11% in the first quarter, the company said on Monday as it passed on higher commodity and shipping costs, while unit case volumes rose 3%.

The company's first-quarter revenue rose 5% to $10.98bn against estimates of $10.80bn. Net income attributable to shareholders rose to $3.11bn, up from $2.78bn a year earlier.

Coke in February said it would hike prices further in 2023 "across the world" in response to rising costs.

Quarterly operating margin was 30.7%, compared to 32.5% a year earlier, as higher operating costs, an increase in marketing spending, investments and a stronger dollar all offset gains made by the price hikes.

Reporting by Frank Prenesti for Sharecast.com