11:24 AM EDT, 04/30/2024 (MT Newswires) -- Coca-Cola (KO) reported stronger-than-expected fiscal first-quarter results on Tuesday driven by momentum in emerging markets and higher prices, prompting the beverage giant to raise its full-year revenue growth guidance.

Non-GAAP revenue climbed to $11.23 billion for the three months ended March 29 from $10.96 billion last year and surpassed the $10.97 billion average analyst estimate on Capital IQ. Adjusted earnings per share increased to $0.72 from $0.68 year over year and beat the Street's $0.70 view.

Sales increased 10% in Latin America on a reported basis, and 7% in both North America and Asia Pacific. Consolidated unit case volume grew 1%, driven by developing and emerging markets. Higher prices in markets experiencing "intense inflation" led to a 13% increase in price and mix.

"We're encouraged by our start to 2024, delivering another quarter of volume, topline and earnings growth amidst a dynamic backdrop," Chief Executive James Quincey said in a statement.

For 2024, Coca-Cola now expects to deliver organic revenue growth of 8% to 9% over 2023's sales of $45.78 billion. That's sweetened from a prior view of 6% to 7% growth. The Capital IQ-polled consensus is for adjusted revenue of $45.73 billion in the ongoing year.

The top-line outlook "is solely driven by higher-than-expected inflationary pricing in a handful of markets, which we expect to moderate throughout the year," Chief Financial Officer John Murphy told analysts on a conference call, according to a Capital IQ transcript.

The company lifted its comparable currency neutral EPS growth rate to between 11% and 13% from 8% to 10% previously. It continues to forecast 4% to 5% non-GAAP EPS growth from 2023's $2.69. The consensus is for normalized EPS of $2.81 in the ongoing year.

"We're confident our business model has the flexibility to allow us to deliver on our overall objectives," Murphy said.

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