ATLANTA - Carried by its healthy business overseas, Coca-Cola Co. reported fourth-quarter earnings Tuesday that met expectations, but the beverage giant struggled with lingering poor sales in North America, its largest market.
The $914 million profit, equivalent to 37 cents per share compares with a profit of $242 million, or 10 cents per share, in the year-ago quarter when results were dragged down by one-time charges.
The results were in line with forecasts of analysts surveyed by Thomson Financial/First Call.
Revenue increased 4 percent to $4.92 billion, compared with $4.73 billion in the October-December quarter of 2000. Revenue in 2001 increased 1 percent from the year before, to $20.09 billion.
Worldwide unit case volume increased 4 percent in the last three months of 2001, led by 11 percent sales gains in Africa and Asia. But in North America, where Coke sells most of its products and earns most of its income, sales increased only 2 percent for the year and quarter.
Coke said it would take a $1 billion, non-cash charge in the first quarter to account for how it records goodwill and other intangible assets when it acquires other businesses.
The new accounting standard will mean a one-time, pretax gain of $210 million, or 6 cents per share, in 2002 because of lower amortization expenses, Coke said.
For the year, Coke earned $3.97 billion, or $1.60 per share, up from $2.18 billion, or 88 cents a share, in 2000. Sales rose to $20.1 billion from $19.9 billion for all of 2000.
Wednesday
January 8th, 2025
2:12PM
