Coca-Cola Q1 Results: Co beats profit and revenue expectations

Both Coca-Cola and PepsiCo are also enjoying buoyant demand for their products in international such as Europe and Asia where relaunches of Georgia Coffee, Sprite reformulations and a foray into newer markets have helped bump up sales.

Coca-Cola's organic revenue in Europe, Middle East and Africa rose 15% in the first , while in North America it increased 7%.

The company's average selling prices rose 13%, the company said, while unit case volumes were up only 1%.

Packaged food companies have now started to promote heavily and overhaul their existing products as well as introduce newer items to spur demand at a time when lower-income customers are buying less due to strained budgets.

Coca-Cola has also increased the number of weeks that retailers promote its 1.25-liter sodas as part of a value bundle targeted at price-conscious consumers.

The soda giant expects fiscal 2024 organic sales to grow 8% to 9%, compared with a previous forecast of a 6% to 7% rise.

The company's net revenue rose 2.5% to $11.23 billion in the first quarter beating analysts' estimates of $11.01 billion, according to LSEG data.

On an adjusted basis, the company earned 72 cents per share, compared with expectations of 70 cents.

However, Coca-Cola maintained its annual comparable earnings per share forecast of 4% to 5% growth.

The company's were down 0.5% in premarket trading.