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Coke has strong 1st quarter on higher prices, China rebound

By DEE-ANN DURBIN - Apr 24, 2023, 07:30 AM ET
Last Updated - Jun 22, 2023, 04:42 AM EDT
Earns Coca-Cola
ASSOCIATED PRESS

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

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.

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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.

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