By DEE-ANN DURBIN
AP Business Writer
Coca-Cola raised prices to offset inflation and on Tuesday, it said that it didn’t dent demand for its drinks during the fourth quarter.
Revenue rose 7% to $10.1 billion, slightly ahead of Wall Street forecasts, according to analysts polled by FactSet.
Pricing and the mix of beverages contributed 12% to revenue growth, while concentrate sales rose 2%, Coke said.
Coke has raised prices throughout the year __ or shifted some drinks into smaller value packs __ to account for higher ingredient and freight costs. The company had locked in prices for some commodities in 2022, but is expecting its costs to rise this year.
The Atlanta company said its net income fell 16% to $2 billion for the October-December period, partly because the strong U.S. dollar impacted overseas profits. Adjusted for currency and other one-time factors, Coca-Cola earned 45 cents per share, line with analysts forecasts.
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