Coca Cola posted rising profits in the first quarter of the year compared to the same period in 2022, driven by price increases, but the company says its business is still not up to pre-pandemic levels.
The soft drink maker’s profit reached $3.1 billion, 12% above the amount for the first quarter of 2022. Its billing while it grew 5%, to 11,000 million dollars.
Sales volume increased 3% thanks to higher outlets for its products at sporting events, movie theaters, and other places of consumption outside the home.
The results were supported by an 11% increase in prices.
“There is a lot of uncertainty about the path (that) inflation will take, both on the side of consumers and inputs” of production, the firm’s president, James Quincey, said Monday in a call with analysts.
Thus, Coca-Cola met the analysts’ expectations, but did not improve its forecasts for the year.
Quincey described the results as strong, but noted that the decision to maintain expectations for the year reflects “a higher degree of uncertainty than before covid.”
The firm’s shares rose 0.20% to $64.18 at the open of trading. markets.
