North American demand drives Coca-Cola revenue higher
But global volume sales fell in the fourth quarter, hurt by high inflation
Coca-Cola Co reported better-than-expected quarterly revenue, helped by higher sales of its sodas in North America, its biggest market.
Volume sales rose 1 per cent in North America, including a 1 per cent growth in sales of its carbonated soda drinks such as Sprite and Fanta.
However, global volume sales for the company fell 1 per cent in the fourth quarter ended December 31st, hurt by high levels of inflation in certain Latin American countries.
Net income attributable to the company’s shareholders more than halved to $550 million, or 13 cents per share, in the fourth quarter, from $1.24 billion, or 28 cents per share, a year earlier.
The fourth quarter included a $919 million charge related to the refranchising of some of the company’s bottling operations in North America.
Excluding items, the company earned 37 cents per share, in line with the average analysts’ estimate, according to Thomson Reuters.
Net operating revenue fell about 6 per cent to $9.41 billion, the seventh straight drop, but beat estimates of $9.13 billion.