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Coca-Cola (NYSE: KO) reported higher revenue and profits for the first quarter of 2022 beating analysts' expectations.
Net revenue rose 16% to $10.5 billion exceeding the market expectation of $9.84 billion. Net income attributable to Coca-Cola shareholders rose 24% to $2.78 billion, or 64 cents per share versus the expected profit of 58 cents per share.
CEO James Quincey remained optimistic about the company’s future performance. “We are confident in our full-year guidance, and we are well-equipped to win in all types of environments as we fuel strong topline momentum and create value for our stakeholders,” he said.
Soarings costs of labor and transportation have made it more difficult for packaged food companies to balance input costs. Price increases and resilient demand have driven the strong quarterly performance.
The company also said that the suspension of its operations in Russia would impact its annual profit by 4 cents per share and annual net revenue by about 1% to 2%. However, it left its forecast for annual comparable earnings per share growth unchanged at 5% to 6%.
“We are keeping a close watch on the spillover effects of the conflict in Ukraine on the health of the consumer, and we remain ready to pivot and adapt,” Quincey told analysts on the company’s earnings call.
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Source: Coca Cola