Coca-Cola sales surge offsetting rising costs

26 April 2022, 1:33 pm

Bottles of Coca-Cola are on display at a grocery market in Uniontown, Pa, on Sunday, April 24, 2022. Coca-Cola Co. on Monday, April 25, 2022, reported first-quarter net income of $2.78 billion. The Atlanta company said it had net income of 64 cents per share. The results exceeded Wall Street expectations. (AP Photo/Gene J. Puskar)

Spread the love

Sales at Coca-Cola surged 16 per cent during the first quarter as crowds returned to movie theaters, music venues and sport stadiums, offsetting rising input costs for the company and the suspension of operations in Russia.

Coca-Cola was among the companies to pull the plug on Russian operations after the country invaded neighbouring Ukraine. But on Monday, it stuck by earlier revenue growth projections of 7 per cent to 8 per cent and per-share growth of 5 per cent to 6 per cent for the year. The Atlanta company posted net income of USD 2.78 billion, or 64 cents per share, topping Wall Street’s expectations for per-share earnings by 6 cents, according to a survey by Zacks Investment Research. The world’s largest beverage maker posted revenue of USD 10.49 billion in the period, also exceeding industry analyst forecasts of USD 9.91 billion.