Coca Cola net revenue in the first quarter of 2022 rose by 16% to hit $10.5 billion, attributed to higher prices and a rebound in demand for its sodas at theatres and restaurants.
Net income attributable to Coca Cola shareholders rose 24% to $2.78 billion, or 64 cents per share, in the review period. This rose from $2.25 billion, or 52 cents per share, a year earlier.
The company’s operating income grew 25%, with the operating margin hitting 32.5% compared to 30.2% in the previous year.
Cash flow from operations was approximately $620 million, a decline of $1 billion versus the prior year. Free cash flow (non-GAAP) was approximately $400 million, a decline of $1 billion versus the prior year.
Organic revenue, which strips out the impact of acquisitions and divestitures, climbed 18% in the quarter.
In early March, Coke suspended its operations in Russia over the war, Now, the company says the decision is expected to dent unit case volume by 1% and revenue and operating income by 1% to 2%. Coke also estimates that the decision will weaken its comparable earnings by 4 cents per share.