Coke demand rises in fourth quarter despite higher prices

Coca-Cola saw stronger U.S. demand in the fourth quarter despite higher prices.

Global unit case volumes grew 1% for the October-December period, led by the U.S., Japan and Brazil, the Atlanta beverage giant said Tuesday. Unit case volumes also rose by 1% in North America, reversing several quarters of flat or declining sales.

Coke said it hiked prices 4% in North America and 1% globally during the quarter. Revenue rose 2% to $11.8 billion.

Still, that fell short of Wall Street’s expectations. Analysts polled by FactSet expected quarterly revenue of $12.05 billion.

Net income rose 3% to $2.3 billion. Adjusted for one-time items, the company earned 58 cents per share, or 2 cents better then Wall Street had expected.

Coca-Cola announced in December that Henrique Braun, the company’s current chief operating officer and a 30-year veteran of the company, will become its CEO on March 31. Coke’s current Chairman and CEO, James Quincey, will become executive chairman.