Coca-Cola (KO) held on to its momentum to deliver another bubbly quarter on Tuesday.

The soda giant beat Wall Street's estimates in Q2, led by global demand for its beverages, despite higher prices. Revenue grew 3% to $12.4 billion, compared to the expected $11.76 billion. Earnings per share came in 7% higher year over year at $0.84, compared to estimates of $0.81.

On a call with Yahoo Finance, CEO James Quincey attributed the results to "a strong execution of the strategy." Consequently, the company is raising its 2024 guidance.

"We're expressing a confidence in our ability to deliver on the 2024 guidance ... it's really a manifestation of confidence in our long-term strategy to create brands and to be able to work with our bottling partners to execute them," he said.

Overall, unit case volume jumped 2%, while pricing was up 9%.

"You have to parse out a handful of countries that have very high inflation," like Argentina, Quincey said. "They are accounting for about half of the price mix." He said without that, price in dollars is up 4%.

He added that headline inflation in the US and Europe is getting to the 3% range, which reflects in Coca-Cola's numbers.

"Inflation ... is getting into the kind of normalized space," he said. The company raised its full-year guidance and now expects organic revenue to grow 9% to 10%, up from 8% to 9% in the previous estimate.

In the previous quarter, Coca-Cola reported $11.3 billion in revenue, beating Wall Street estimates of $10.96 billion, while its earnings per share of $0.72 also topped expectations of $0.70.

As US consumers remain cautious about where they spend their dollars, fast food chains like McDonald's (MCD), Burger King (QSR), and Taco Bell (YUM) are hoping to entice consumers with value and meal deals this summer.

Coca-Cola reportedly played a role in the $5 meal bundle at McDonald's, which is now extended to August. At the time, a spokesperson told Yahoo Finance, “We routinely partner with our customers on marketing programs to meet consumer needs.”

Quincey said the company is still seeing the "continuation of, essentially, the lower-income consumers being under pressure."

"Wages are starting to run ahead of overall inflation, but interest rates are still relatively high, and so they're economizing to some extent."

Per JPMorgan analyst Andrea Teixeira, the lower-income consumer makes up about 20% of Coca-Cola's US volumes.

Consumers are going to restaurant chains less, looking for value meals when they do, or trading down at grocery stores.