US: Coca-Cola Co Q4 boosted by international volume
The Coca-Cola Co has reported an increase in fourth quarter profits, boosted by volume sales in international markets such as India and China.
Coca-Cola today (9 February) reported a net income for the three months to the end of December of $1.5bn, or 66 cents a share, up from $995m, or 43 cents a share, in the previous year.
Net revenue rose 5% to reach $7.51bn for the three months ended 31 December. The figure was impacted by six fewer selling days, which offset the impact of five additional selling days in first quarter 2009 results.
Fourth quarter operating income amounted to $1.78bn, an increase of 4% on the prior year.
Unit case volume increased 5% for the quarter, successfully cycling 4% growth in the prior year quarter. For the full-year, unit case volume increased 3%, in line with the firm’s long-term volume target.
Fourth-quarter volume rose 7% in Latin America, 11% in the Pacific region, 1% in Europe and 5% in the company's Eurasia and Africa divisions.
Volumes fell by 1% in the North American market, after losing 4% in the third quarter and 1% in the second quarter.
For the 2009 fiscal year, revenues were down 3% to $30.99bn, while net income increased 18% to reach $6.82bn.
“We ended this year on a high note, delivering global volume and value share gains, comparable currency neutral revenue growth, improved productivity and increased cash flows,” said Muhtar Kent, chairman and CEO of Coca-Cola.
“In a year marked by unprecedented economic uncertainty, our foundation - leading brands, unmatched global footprint, great bottling partners and a solid financial position - proved that we have the right ingredients for growth even under challenging economic conditions,” he added.
In Eurasia and Africa volumes rose 4% for the year, in Latin America volumes increased 6%, while case volumes in North America dropped 2% and in Europe dropped 1%.
Click here for the full results.
An update, following the firm's conference call, appears here.
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