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PepsiCo Inc on Tuesday raised its annual sales and profit forecasts after beating first-quarter revenue estimates on the back of steady demand for its sodas and snacks, as well as price hikes undertaken to offset rising costs.

Major consumer goods companies hiked prices to battle skyrocketing costs of everything from aluminum cans to labor and shipping triggered by supply-chain disruptions during the pandemic and aggravated by the Russia-Ukraine conflict.

PepsiCo’s average prices jumped 16% for the first quarter, while organic volume slipped 2%.

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Average price of 192 ounces of PepsiCo’s soda in the U.S. rose to $8.67 in 2022 from $7.57 in 2021, according to NielsenIQ’s data. It was $9.67 so far in 2023.

In February, however, the Frito-Lay maker said it would not raise prices of its products further in contrast to rival Coca-Cola.

Sales at North America beverage unit, PepsiCo’s largest business, rose 8% in the March quarter.

Organic revenue at the company’s Frito-Lay North America unit rose 16% in the first quarter, compared with a 14% increase a year earlier.

CEO Ramon Laguarta said in a statement the company’s “categories and geographies remained resilient during the first quarter”.

The company’s net revenue rose 10% to $17.85 billion in the first quarter, compared with analysts’ estimates of $17.22 billion, according to Refinitiv data.

PepsiCo said it expects 2023 organic revenue to rise 8%, compared with its prior forecast of a 6% increase.

The company now expects annual core earnings per share of $7.27, compared with $7.20 earlier.

Coca-Cola maintained its annual forecasts after beating estimates for first-quarter revenue and profit on Monday.

PepsiCo’s shares rose 1% in premarket trading.

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