Q1 revenue 10.96 bln vs est. of 10.80 bln
CEO flags uncertainty over consumer environment
Shares up 1

April 24 Reuters CocaCola Co on Monday topped Wall Street estimates for firstquarter 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 company said in February it would raise soda prices further in 2023 across the world but at a moderating pace, even as rival PepsiCo hit a pause on price hikes.

Average selling prices increased 11 in the first quarter, the maker of Fanta and Sprite said, while global unit case volumes rose 3.

The strength in case volume growth gives us confidence that sales momentum can continue as CocaCola39;s sales strategies are resonating with consumers, Edward Jones analyst Brittany Quatrochi said.

The company39;s shares were up about 1 in early trading.

Pepsi and CocaCola have faced little or no pushback from consumers to price increases thanks to their neardomination of the global carbonated drinks market.

Still, on an earnings call CocaCola CEO James Quincey said, There is uncertainty on how the consumer environment may ultimately play out in 2023.

Quincey also said the recent banking crisis has fueled further uncertainty about purchasing behaviors in Europe, while consumption is still recovering to prepandemic levels in China after the lifting of curbs.

Meanwhile, firstquarter operating margin slipped to 30.7, compared…