The Coca-Cola Company (NYSE:KO) saw sales soar ahead of analyst expectations during the fourth quarter after higher prices helped offset weaker volumes in North America.
Volume sales across North America dropped by 1% during the quarter, however, demand across its global operations was slightly improved, with total unit case volume lifting by 2%.
Despite the fall, total revenue for the quarter stood at US$10.85 billion, surpassing the anticipated US$10.68 billion.
Aarin Chekrie, equity analyst at Hargreaves Lansdown said: “Coca-Cola’s fourth-quarter results showcased why it’s still the top dog in the soft drink industry. With 61 years of annual dividend increases, investors would be forgiven for thinking this is a boring mature company.
“But double-digit revenue and profit growth suggest otherwise and highlight the fact that this dividend king isn’t resting on its laurels.”
Adjusted earnings per share reached $0.49, keeping in line with analyst projections.
Looking forward, Coca-Cola is forecasting a 6% to 7% growth in organic revenue and a 4% to 5% rise in comparable earnings per share for 2024, despite expecting challenges from currency exchange rates.
In the first quarter, the firm is predicting a 4% headwind from currency exchange rates.
“As we begin a new year, we’re confident that our all-weather strategy, powerful portfolio and harmonized system will continue to create value for our stakeholders in 2024 and for the long term,” said James Quincey, chairman and CEO of The Coca-Cola Company (NYSE:KO).