Coca-Cola HBC AG (CCH.L) on Tuesday reported a better-than-expected operating profit for 2022, helped by price hikes and cost-saving measures.
The bottler, however, expects 2023 organic operating profit growth in the range of +3% to -3%.
Coca-Cola HBC posted a fall of about 12% in its earnings for the year ended Dec. 31 at 703.8 million euros ($755.5 million), above the company-compiled analysts' consensus of 658.2 million euros.
Although there has been a shift in consumer spending due to customers preferring cheaper alternatives amid rising inflation , packaged beverage and food makers have continued to see resilient demand for their products despite price hikes.
The Switzerland-headquartered company's diverse portfolio ranges from alcoholic beverages such as The Macallan and Jack Daniel's to carbonated drinks Sprite and Monster Energy to Bambi biscuits and wafers.
