This week Coca-Cola reported stronger-than-expected quarterly earnings . This of course comes despite the tariff headwinds faced by many multinational companies with global supply chains. But Coke CEO James Quincy attributed the company’s success in part to the fact that Coca-Cola itself doesn’t actually make much soda.

The company is facing a challenging consumer environment as Americans pull back from spending. There are also concerns about the impact of GLP-1 weight-loss drugs.

Coca-Cola reported better-than-expected earnings in the first quarter and said the impact of tariffs on its business are likely to be “manageable.”