2/7/2012 9:02 AM ET
(RTTNews) - Beverages giant Coca-Cola Co. (KO: News ) reported fourth quarter adjusted profits that topped analysts' expectations, reflecting revenue growth amid increased volumes across its all five geographic operating groups.
Net profits were down sharply from a year ago, when gains were boosted by Coke's acquisition of major bottlers. However, the company finished 2011 on a high note, powered by strong international sales growth, as worldwide volume were up 3 percent.
"We once again achieved financial results for both the year and the quarter in line with, or ahead of, our long-term targets, with quarterly volume and revenue growth in every one of our five geographic operating groups. Importantly, we also continued to increase our global volume and value share in 2011," President and CEO Muhtar Kent said in a statement.
The Atlanta, Georgia-based company reported net income of $1.65 billion or $0.72 per share for the fourth quarter, sharply lower than $5.77 billion or $2.46 per share in the prior-year quarter.
The year-ago quarter primarily included $2.08 per share of gains from the CCE transaction. Excluding charges and gains, adjusted net income for the quarter grew to $1.82 billion or $0.79 per share from $1.68 billion or $0.72 per share in the year-ago quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net operating revenues for the quarter increased 5 percent to $11.04 billion from $10.50 billion in the same quarter last year, and topped eleven Wall Street analysts' consensus estimate of $10.99 billion by a whisker.
The company noted that quarterly volume and revenue growth was seen across all five geographic operating groups with broad-based global volume and value share gains.
Worldwide volumes grew 3 percent, reflecting volume growth across all five geographic operating groups. Worldwide volume growth was led by 3 percent rise of brand Coca-Cola. North America volume growth was 1 percent, and International volume growth was 4 percent.
Europe Group's volume growth was 1 percent, and Latin America Group's volume grew 4 percent. Pacific Group's volume grew 5 percent amid China volume growth of 10 percent, 5 percent growth in Japan, 11 percent growth in Thailand and 25 percent growth in South Korea. Bottling Investments Group's volume grew 3 percent.
The company said it continued to see growth in sparkling beverages, with worldwide brand Coca-Cola volume growth of 3 percent, and worldwide still beverage volume growth was 6 percent.
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