- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
SCS | -1.98% | 12.62 | $ | |
RBGPF | 100% | 58.93 | $ | |
CMSD | -0.16% | 24.89 | $ | |
NGG | -2.7% | 66.97 | $ | |
AZN | -2.12% | 77.93 | $ | |
CMSC | -0.16% | 24.74 | $ | |
GSK | -2.81% | 38.37 | $ | |
RIO | -1.42% | 69.83 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
BTI | -2.45% | 35.11 | $ | |
BCC | -0.9% | 138.29 | $ | |
RELX | -1.46% | 46.61 | $ | |
VOD | -0.52% | 9.69 | $ | |
BCE | -1.77% | 33.84 | $ | |
JRI | -0.6% | 13.3 | $ | |
BP | 0.28% | 32.46 | $ |
Higher prices boost Coca-Cola's Q2 results
Higher prices for soda helped Coca-Cola score better-than-expected quarterly profits in spite of higher operating costs and the drag of the strong US dollar in international markets, the company announced Tuesday.
The soft drink brand benefited from a 12 percent increase in global pricing, with the biggest price increases in Europe/Middle East Africa, Latin America and North America.
An exception was Asia Pacific, where the company flagged China's Covid-19 lockdowns as a weak area in spite of higher sales in India and the Philippines.
Coca-Cola executives have said they are monitoring the response to higher prices. When the company last reported results in April, executives said they had yet to see a meaningful pullback from consumers to the price changes made to that point.
Results also were boosted by resurgent sales in away-from-home venues such as entertainment and professional sports locales.
But the beverage giant pointed to a drag from higher operating costs and marketing spending compared to the prior year. The strong US dollar also dented revenues in overseas markets.
Net income fell to $1.9 billion, a 28 percent decline from the same period of last year, in part due to strong sales in the current quarter from goods with lower profit margins.
Revenues rose 12 percent to $11.3 billion.
"Our results this quarter reflect the agility of our business, the strength of our streamlined portfolio of brands, and the actions we've taken to execute for growth in the face of challenges in the operating and macroeconomic environment," said Chief Executive James Quincey.
Coca-Cola shares climbed 1.1 percent to $62.87 in pre-market trading.
A.Levy--CPN