PepsiCo on Thursday reported quarterly earnings and revenue that beat analysts’ expectations, fueled by higher prices for its snacks and drinks.

But the company saw volume fall 2% across its food business worldwide as those price hikes hurt consumer demand. Still, Pepsi plans to sharpen its “revenue management,” which typically means raising prices, based on projections that inflationary pressure will persist in 2023.

Shares of the company rose more than 1% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $1.67 adjusted vs. $1.65 expected
• Revenue: $28 billion vs. $26.84 billion expected

The food and beverage giant reported fourth-quarter net income of $518 million, or 37 cents per share, down from $1.32 billion, or 95 cents per share, a year earlier.

Excluding gains from selling its juice business, write-downs of its Russian assets and other items, Pepsi earned $1.67 per share.

Net sales rose 10.9% to $28 billion. The company’s organic revenue, which strips out the impact of acquisitions and divestitures, climbed 14.6% in the quarter.

But demand for Pepsi products actually shrank during the quarter. Volume, which excludes pricing and currency fluctuations, fell 7% at Quaker Foods North America and 2% at its North American beverage division.

Frito-Lay North America reported flat volume for the quarter, despite double-digit revenue growth for Doritos, Cheetos, Smartfood and many of its other brands.

Looking to 2023, Pepsi is projecting a 6% increase in organic revenue and 8% growth in its core constant currency earnings per share. Wall Street is anticipating net sales growth of 3.5% and earnings per share growth of 7.3%.

Executives said in prepared remarks that the company is projecting its North American divisions will stay resilient and its international markets will perform well in 2023.

Read the full PepsiCo earnings report here.