- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
Consumers lapping up Coca-Cola price hikes so far
Coca-Cola reported a jump in quarterly profits Monday in results showing the soda giant was able to implement price hikes with little sign of consumer pushback.
But the soft drink maker, which won strong revenue jumps in North America and most other regions, signaled it expects more of a negative consumer reaction to higher prices at some point given historic trends.
"Inflation generally ends with some pressure somewhere," Chief Executive James Quincey said on a conference call with analysts.
"Will that be next quarter or will that be next year? I can't give you the answer to that because it's very dependent on some macros and it's probably going to vary by country."
The company's strategy when faced with higher material or shipping costs is to lift prices when consumers are in better shape, Quincey said.
"Trying to catch up on pricing in a recessionary environment is very hard," Quincey said. "And so we have a bias to action."
In the first quarter, Coca-Cola reported profits of $2.8 billion, up 24 percent from the year ago period. Revenues rose 16 percent to $10.5 billion.
Sales volumes rose eight percent.
The beverage giant benefited from a recovery in consumption at entertainment spots, live sports and other "away-from-home" venues that suffered earlier in the pandemic.
Another positive driver was the rollout of the revamped Coca-Cola Zero Sugar, a popular diet cola, in some markets.
On the downside, Coca-Cola suffered a hit in China from the latest Covid-19 outbreak in the country. Revenues grew in Asia Pacific grew just one percent compared with a 22 percent jump in North America and a 34 percent increase in Latin America.
The company's decision to suspend its business in Russia due to the Ukraine invasion has hit volumes by one percent and dented net revenue and operating income by one to two percent.
"We continue to believe the recovery in 2022 will be asynchronous," said Quincey, as Coca-Cola confirmed most of its 2022 forecasts.
Shares of Coca-Cola were flat in afternoon trading at $52.25.
O.Hansen--CPN