Coca-Cola’s (KO:NYSE) shares rose 2% to $60.60 on 14 February after the beverages group served up fourth quarter revenue ahead of Wall Street expectations, as thirsty consumers continued to swallow price hikes across its formidable portfolio of drinks.

Despite what chief executive James Quincey described as a ‘dynamic operating environment’ and a 1% dip in global unit case volumes, price hikes of 12% helped Coca-Cola’s net revenue 7% higher to $10.13 billion in the three-month period, ahead of the $10.02 billion Wall Street was expecting, with organic sales fizzing up 15%. However, a currency headwind meant adjusted earnings per share was flat at $0.45.

The $262 billion business’s brands span iconic soft drink Coke as well as Sprite, Schweppes and Costa. It has increased its dividend for the last 60 years, is now forecasting organic revenue growth of 7% to 8% for 2023 and better-than expected comparable earnings per share growth of 4% to 5%. ‘We are keeping consumers at the centre of our innovation and marketing investments,’ insisted Quincey, ‘while also leveraging our expertise in revenue growth management and execution.’

Smaller drinks rival Keurig Dr Pepper (KDP:NASDAQ) will report its fourth quarter results on 23 February and is likely to show similar trends – price hikes to offset higher costs. Trefis estimates point to quarterly sales of around $3.8 billion, representing 12% year-on-year growth.

Formed through 2018’s merger between Keurig Green Mountain Coffee and Dr Pepper Snapple, the company makes and distributes coffee brewers and single-serve coffee pods under the Keurig and Green Mountain brands as well as soft drinks including the iconic Dr Pepper – America’s oldest major soft drink, established one year before Coca-Cola – as well as Snapple and Canada Dry.

Keurig Dr Pepper’s third quarter results showed an 11.4% year-on-year revenue rise to $3.62 billion as the cold drinks portfolio continued to perform ‘exceptionally well’. At the time, management insisted the coffee business, which has recovered steadily from supply chain disruption, was ‘poised to deliver strong sales and earnings growth’ in the fourth quarter.

In common with other soft drinks groups, Keurig Dr Pepper continues to diversify its portfolio into faster-growing beverage categories, having recently gained a foothold in the performance energy drinks market through a strategic partnership and investment in Nutrabolt.

This followed a $50 million investment for a minority stake in American non-alcoholic craft beer market leader Athletic Brewing and the acquisition of non-alcoholic ready-to-drink cocktail brand Atypique.

Non-alcoholic beer accounts for more than 85% of overall sales in the rapidly growing non-alcoholic beer, wine and spirits category as a growing cohort of consumers cut down on their alcohol consumption.

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