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Coca-Cola sales soared 16 percent during the first quarter as crowds returned to movie theaters, music venues, and sports stadiums, offsetting rising input costs for the company and the suspension of operations in Russia.
According to a Zacks Investment Research survey, the Atlanta company earned $2.78 billion, or 64 cents per share, above Wall Street's per-share earnings estimates by 6 cents.
The world's largest beverage company earned $10.49 billion in the quarter, outperforming analyst expectations of $9.91 billion.
Sales of Coca-Cola Zero Sugar surged by 14 percent, while sales of the company's flagship Coca-Cola soft drink increased by 6 percent. The effervescent soft drink category had a 7 percent increase in overall sales.
Nutrition, juice, dairy, and plant-based beverages had a 12 percent increase in sales, indicating that consumers are increasingly gravitating toward healthier beverages. Hydration, sports, coffee, and tea sales all increased by 10 percent.
The volume of global unit cases climbed by 8 percent while pricing and mix increased by 7 percent.
Coke is being hammered across the board as the cost of everything from aluminum and sugar to transportation continues to rise. The company has stated that the suspension of operations in Russia will result in a 4-cent reduction in earnings per share this year.
