The Coca-Cola Company reported Tuesday a profit for the fourth quarter that declined 3% from last year, reflecting steeply lower other income and higher interest expense, despite a 7% revenue growth.
Adjusted earnings per share met analysts' expectations, while quarterly revenues topped it.
The beverages giant also initiated its adjusted earnings and organic revenue growth outlook for the full-year 2024.
For the fourth quarter, net income attributable to shareowners of Coca-Cola edged down to $1.97 billion or $0.46 per share from $2.03 billion or $0.47 per share in the prior-year quarter.
Excluding items, comparable earnings per share were $0.49, compared to last year's $0.45.On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share for the quarter.
Analysts' estimates typically exclude special items.
Net operating revenues for the quarter increased 7 % to $10.85 billion from $10.13 billion in the same quarter last year, driven by 9 % growth in price/mix and 3 % growth in concentrate sales.
Analysts expected revenues of $10.67 billion for the quarter. Organic revenues also grew 12 % in the quarter.Global unit case volume grew 2%.
Developed markets were even as growth in Mexico and Germany was offset by declines in the United States and Chile, while developing and emerging markets grew 4%, driven by growth in Brazil and India.
The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
Looking ahead to the first quarter, Coca-Cola projects comparable net revenues to include an approximate 4% currency headwind and approximate 2% headwind from acquisitions, divestitures and structural changes.
Comparable earnings are expected to include an approximate 8% currency headwind and approximate 1% headwind from acquisitions, divestitures and structural changes.
For fiscal 2024, the company now projects comparable currency neutral earnings to grow in a range of 8% to 10% and comparable earnings in a range of 4% to 5% from the $2.69 per share reported in 2023, implying earnings in a range of $2.80 to $2.82 per share.
It also now projects organic revenue growth of 6% to 7%, with a 2% to 3% currency headwind and 4% to 5 headwind from acquisitions, divestitures and structural changes.
Wall Street is looking for earnings of $2.81 per share on revenue growth of 3.5% to $47.08 billion for the year.
"As we begin a new year, we're confident that our all-weather strategy, powerful portfolio and harmonized system will continue to create value for our stakeholders in 2024 and for the long term," said James Quincey, Chairman and CEO.
