Coca-Cola sales surge offsetting rising costs, Russia exit

The Associated Press

Sales at Coca-Cola surged 16% during the first quarter as crowds returned to movie theaters, music venues and sport stadiums. Coca-Cola was among the companies to suspend operations in Russia after it invaded neighboring Ukraine. But on Monday, it stuck by earlier revenue growth projections of 7% to 8% and per-share growth of 5% to 6% for the year. The Atlanta company posted net income of  $2.78 billion, or 64 cents per share, topping Wall Street’s expectations for per-share earnings by 6 cents. The world’s largest beverage maker posted revenue of $10.49 billion in the period, also exceeding industry analyst forecasts of $9.91 billion.