Coca-Cola reports EPS in-line, misses on revs
Reports Q4 (Dec) adj. earnings of $0.46 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.46; revenues fell 3.6% year/year to $11.04 bln vs the $11.31 bln consensus.
- Excluding the impact of structural changes, comparable currency neutral net revenues grew 4% in the quarter, reflecting an increase in concentrate sales and positive price/mix. Structural changes that impacted net revenues were primarily the deconsolidation of bottling operations in the Philippines and Brazil. Reported operating income decreased 4%, reflecting a 6% currency headwind, a 4% unfavorable impact due to the structural changes referenced above, as well as the effect of items impacting comparability. Excluding the impact of structural changes, comparable currency neutral operating income increased 6%. Items impacting comparability reduced fourth quarter 2013 operating income by $278 million and reduced fourth quarter 2012 operating income by $300 million.
- The Coca-Cola Company reported worldwide volume growth of 2% for the full year and 1% for Q4. While economic, political and environmental conditions across various regions impacted consumer spending and overall nonalcoholic ready-to-drink (NARTD) beverage industry performance during the year, we grew global value share in NARTD beverages, with volume and value share gains in core sparkling and still beverages for the year, supported by the strongest portfolio of brands in the industry.