July 26 (Reuters) - Coca-Cola Co (KO.N) raised its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, with demand for its sodas remaining resilient at a time when consumers are cutting back on non-essential spending.
Earlier this month, rival PepsiCo (PEP.O) also raised its annual revenue and profit forecasts for a second time this year after beating second-quarter results, easing worries over a slowdown in demand due to price hikes.
Coca-Cola's average selling prices rose 10% in the second quarter, while in North America volumes declined 1%, showing little impact to demand with overall unit case volumes remaining flat.
Coca-Cola forecast full-year core earnings per share to rise between 5% and 6%, compared with previous expectation of a 4% to 5% increase.
Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Persons:
Garrett Nelson, Gerald Pascarelli, Ananya Mariam Rajesh, Shounak Dasgupta
Organizations:
Cola, Consumers, PepsiCo, Thomson
Locations:
Russia, Ukraine, North America, Bengaluru