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Coca-Cola profit drops but results top expectations
(AP Photo/Thibault Camus)
ATLANTA - Coca-Cola Co.'s (KO) fourth-quarter net income dropped 71 percent, weighed down by restructuring charges and other costs. But the beverage maker's adjusted results topped Wall Street's expectations.
Its stock added 62 cents to $68.65 in Tuesday premarket trading.
Coca-Cola, whose brands include Sprite and Minute Maid, earned $1.65 billion, or 72 cents per share, for the period ended Dec. 31. That's down sharply from $5.77 billion, or $2.46 per share, a year earlier.
Removing restructuring charges and other items, earnings were 79 cents per share. Analysts forecast 77 cents for the company, based in Atlanta.
Revenue increased 5 percent to $11.04 billion. It was helped by higher prices, strength overseas and solid results from the Coca-Cola brand, juices and teas. Revenue just topped Wall Street's $11 billion estimate.
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