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Coca-Cola Co. reported higher-than-expected sales in the first quarter as it continued to hike prices and saw its business in China improve.
Revenue rose 5% to $11 billion for the January-March period, the company said Monday. That beat Wall Street's expectations. Analysts polled by FactSet had forecast revenue of $10.8 billion.
Adjusted for one-time items, the Atlanta beverage giant earned 68 cents per share. That also beat analysts' forecast of a 65 cents.
Pricing and mix __ which includes changes in package sizes __ contributed 11% to its revenue growth while concentrate sales rose 1%. The company has said it expects to see slower growth this year as prices moderate.
Unit case volumes jumped 10% in Asia as COVID-related shutdowns ended in China.
In North America, sales were flat. Higher sales of soft drinks, juice and dairy were offset by lower sales of water, tea and coffee.