The Coca-Cola Company reported $10.49 billion of net operating revenues in the quarter ending April 1, up 16% year on year and higher than the market expectation of $9.83 billion, the company said on Monday.

In particular, the net operating revenues from Latin America operations surged 34% year on year, followed by a 22% growth in North America and a 13% expansion in Europe, the Middle East and Africa, Coca-Cola said in its operating results.

Though the gross margin of Coca-Cola in Q1 this year declined to 61.01% from 61.14% in the same period of 2021, its operating margin rose to 32.45% from 30.18% in the same period of 2021.

Coca-Cola reported $2.79 billion of net income in Q1 this year, increasing 24% year on year.

The company reported $0.64 of earnings per share in Q1 this year, higher than the $0.52 in the same period of 2021, and the market estimate of $0.58.

Moreover, Coca-Cola said the suspension of its Russian operations is estimated to dent net revenues and operating income by 1% to 2% in 2022.

"We are keeping a close watch on the spillover effects of the conflict in Ukraine on the health of the consumer, and we remain ready to pivot and adapt," said James Quincey, chief executive officer of Coca-Cola on the earnings call on Monday.

Coca-Cola kept its annual outlook of comparable net revenues, cash flow and comparable earnings per share unchanged despite headwinds from commodity price inflation and stronger U.S. dollar.