Coca-Cola reported higher-than-expected revenue in the fourth quarter as growth in Mexico, Germany and other markets offset lower demand in the U.S.
Revenue rose 7% to $10.8 billion for the October-December period, the Atlanta beverage giant said Tuesday. That topped Wall Street’s forecast of $10.7 billion, according to analysts polled by FactSet.
Coke’s revenue got a 10% boost from higher prices in 2023, but the company said that was partly due to hyperinflationary conditions in a handful of markets like Argentina. The company expects full-year organic revenue to grow at a more moderate pace of 6% to 7% this year, down from last year’s 12% growth.
“We anticipate hyperinflationary pricing will continue to play a role in 2024 but will moderate throughout the year,” Coke Chief Financial Officer John Murphy said in a conference call with investors.
Unit case volumes rose 2% in the quarter, led by sparkling soft drinks, juices and Coca-Cola Zero Sugar. Sports drinks, coffee and tea all saw lower demand.