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The
beverage maker said volumes, a key demand indicator, returned to
2019 levels in March.
"We are encouraged by improvements in our business, especially
in markets where vaccine availability is increasing and
economies are opening up," Chief Executive Officer James Quincey
said in a statement.
Shares of the blue-chip Dow component rose about 1% before the
opening bell.
Consumers bought more sodas in China and India offseting
weakness in the United States and Western Europe, where
restrictions were more stringent and consumers preferred to
snack or cook more at home.
Coca-Cola heavily depends on away-from-home channels such as
sporting events, restaurants and theaters to generate its sales,
while rival PepsiCo Inc emerged a pandemic winner since it sells
its snacks and beverages largely in supermarkets and grocery
stores.
Coca-Cola's unit case volume was flat in the first quarter,
after declining for all of last year, while organic sales grew
6%.
Net revenue rose about 5% to $9.02 billion - the first increase
after four quarters of declines - above the average analyst
estimate of $8.63 billion, according to IBES data from Refinitiv.
Excluding one-time items, the company earned 55 cents per share,
compared with estimates of 50 cents.
The company and Coca-Cola Beverages Africa (CCBA) also announced
plans to list CCBA as a publicly traded company.
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