© Reuters. FILE PHOTO: A man walks past shelves of Coca-Cola bottles and cans at a Shoprite store inside Palms shopping mall in Lagos, Nigeria November 5, 2019. REUTERS/Temilade Adelaja/File Photo
(Reuters) -Coca-Cola Co beat quarterly revenue expectations on Monday, helped by higher prices and a rebound in demand for its sodas at theaters and restaurants.
The company said its decision to suspend its operations in Russia would impact its annual profit by 4 cents per share.
Soaring costs of ingredients like coffee and sugar, as well as a surge labor and transportation expenses have forced consumer goods companies to raise prices, but demand has been resilient as consumers coming out of pandemic curbs spend more.
Still, analysts and companies warned that demand could slow as the Ukraine war and Indonesia’s ban on palm oil exports result in higher global food prices.
Net revenue rose 16% to $10.5 billion in the first quarter. Analysts had expected revenue of $9.83 billion, according to Refinitiv data.
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