Atlanta, GA, United States (4E) – Coca-Cola Co. said it posted lower fourth-quarter results, wrapping up a difficult year for the beverage giant as it seeks ways to “restore momentum”.
Fourth-quarter profit dropped to $1.71bn, or 38 cents per share, from $1.87bn, or 41 cents per share, from the previous year.
Adjusted per-share earnings was 46 cents, while revenue declined to $11.04bn, from $11.46bn a year earlier, the beverage company said Tuesday. Revenue for the quarter failed to meet analysts’ expectations.
The soft-drink maker cited macroeconomic challenges for the fall in profit, but it expects to restore momentum in 2014.
Coke Chairman and Chief Executive Muhtar Kent said the previous year was marked by ongoing global macroeconomic challenges.
The company said it is improving its productivity and reinvestment program, with the aim to generate an incremental $1bn in savings that will be invested in media.
Coke plans to repurchase $2.5bn to $3bn worth of shares this year, according to the company. Global unit case volume jumped 1 percent, while it fell 1 percent in North America, where operating revenue slid slightly to $5.27bn.