Coca-Cola announced quarterly earnings and revenue that surpassed analysts’ predictions and an upward revision of its full-year organic revenue outlook. The company’s shares dipped slightly by less than 1% in premarket trading.

For the first quarter, Coke reported a net income attributable to the company of $3.18 billion, or 74 cents per share, up from $3.11 billion, or 72 cents per share, in the previous year. Adjusted for certain items, the beverage giant earned 72 cents per share. Net sales climbed by 3% to reach $11.30 billion, with organic sales experiencing an 11% increase after accounting for acquisitions, divestitures, and foreign exchange impacts.

Global unit case volume saw a 1% uptick, while North American volume remained steady. Notable growth areas included a 2% increase in volume for sparkling soft drinks and a 2% rise in the juice, dairy, and plant-based drinks segment, driven primarily by North American demand. However, volume declined by 2% in the water, sports, coffee, and tea divisions, reflecting weakened demand for bottled water, sports drinks, and coffee.

Coke’s overall prices rose by 13% compared to the previous year, with approximately half of the increase attributed to hyperinflation in specific markets like Argentina.

The company revised its full-year organic revenue growth outlook to 8% to 9%, up from the previous range of 6% to 7%, citing anticipated price increases in markets experiencing significant inflation.

Coca-Cola reaffirmed its previous projection for full-year comparable earnings growth, maintaining it at 4% to 5%. Looking ahead to the second quarter, the company anticipates that comparable revenue will encounter headwinds, including a 6% impact from currency fluctuations and a 5% to 6% effect from acquisitions, divestitures, and structural adjustments. Moreover, currency fluctuations are expected to create an 8% to 9% headwind for comparable earnings per share.