Coca-Cola (KO) has reported first-quarter financial result that beat Wall Street forecasts on the top and bottom lines due to price increases of its beverages.
The Atlanta-based company announced earnings per share (EPS) of $0.72 U.S. versus $0.70 U.S. that was expected on Wall Street.
Revenue in the quarter totaled $11.30 billion U.S. compared to forecasts of $11.01 billion U.S. Sales rose 11% from a year ago.
Coke attributed the strong results to increased prices on many of its soft drinks. The company also reported that its global unit case volume increased 1% between January and March.
Looking ahead, Coke said it now expects revenue growth of 8% to 9% this year, up from its previous outlook of 6% to 7% growth.
The company reiterated its outlook for full-year earnings growth of 4% to 5%.
For the current second quarter, Coca-Cola expects that its comparable revenue will include a 6% currency headwind and a 5% hit from acquisitions, divestitures, and structural changes.
The stock of Coca-Cola has declined 4% over the last 12 months to trade at $62.04 U.S. per share.