By Frank Prenesti
Date: Monday 24 Apr 2023
LONDON (ShareCast) - (Sharecast News) - Famous fizzy-drinks maker Coca-Cola Co beat first-quarter profit and revenue forecasts driven by high demand and price rises.
Average selling prices rose 11% in the first quarter, the company said on Monday as it passed on higher commodity and shipping costs, while unit case volumes rose 3%.
The company's first-quarter revenue rose 5% to $10.98bn against estimates of $10.80bn. Net income attributable to shareholders rose to $3.11bn, up from $2.78bn a year earlier.
Coke in February said it would hike prices further in 2023 "across the world" in response to rising costs.
Quarterly operating margin was 30.7%, compared to 32.5% a year earlier, as higher operating costs, an increase in marketing spending, investments and a stronger dollar all offset gains made by the price hikes.
Reporting by Frank Prenesti for Sharecast.com
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Currency | US Dollars |
Share Price | $ 65.31 |
Change Today | $ -0.61 |
% Change | -0.93 % |
52 Week High | $73.01 |
52 Week Low | $56.44 |
Volume | 13,380,914 |
Shares Issued | 4.31m |
Market Cap | $281.36m |
RiskGrade | 95 |
Strong Buy | 6 |
Buy | 11 |
Neutral | 7 |
Sell | 0 |
Strong Sell | 0 |
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Time | Volume / Share Price |
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15:59 | 100 @ $65.32 |
15:59 | 200 @ $65.32 |
15:59 | 100 @ $65.32 |
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