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Coca-Cola Tops Estimates on Higher Prices, Raises Guidance

  • Product prices rise 12% on average, with more hikes ahead
  • Beverage giant continues to gain share in ready-to-drink
Photographer: Elijah Nouvelage/Bloomberg
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Coca-Cola Co.’s second-quarter sales exceeded expectations and the company raised its full-year guidance, as decades-high inflation and higher prices found consumers around the world still willing to pay more for beverages.

“We’ve had continued momentum across the business, in all geographic locations,” Chief Financial Officer John Murphy said in an interview. He said the soft-drink giant’s prices across a mix of products increased by 12%, but only about 5% was an actual increase passed on to consumers. The remainder came from changes in the category mix of products that people purchased.