© Reuters. FILE PHOTO: Bottles of Coca-Cola are displayed at a supermarket of Swiss retailer Denner, as the spread of the coronavirus disease (COVID-19) continues, in Glattbrugg, Switzerland June 26, 2020. REUTERS/Arnd Wiegmann
(Reuters) -Coca-Cola Co on Tuesday forecast 2023 profit above analysts’ estimates, betting on resilient demand for its sodas despite multiple price hikes to tackle rising costs.
Demand for the company’s sodas has held steady even as it raised prices over the last few quarters to counter higher freight, commodity and labor costs.
Average selling prices rose 12% in the fourth quarter, the maker of maker of Sprite and Fanta said, while unit case volumes declined 1%.
The company forecast full-year adjusted earnings per share to rise between 4% and 5%, compared to the average analyst estimate of 2.96% growth, according to IBES data from Refinitiv.
Shares of the company rose marginally in premarket trading.
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