US: Coca-Cola Co sees FY operating profits edge up
Sales for the year increased 13% to $35.12bn
The Coca-Cola Co has recorded a 3% increase in operating profits for the full-year.
In the period to the end of December, operating profits reached US$8.45bn, the soft drinks giant reported today (9 February). Net profits soared by 73% to total $11.81bn.
However, operating profits in North America were down by 11%, although volumes were slightly up in the region.
Sales for the year for the group increased by 13% to $35.12bn.
In the fourth quarter, profits leapt by 274% to $5.77bn, although this was the non-cash gain related to the purchase of Coca-Cola Enterprise’s North American operations. Sales in the period rose by 40% to $10.49bn, while operating profits were down by 35% $1.56bn.
"We once again delivered strong results this quarter, with volume growth realised across all five of our geographic operating groups," said Coca-Cola's chairman and CEO, Muhtar Kent. "Importantly, we achieved solid growth in our developed markets with 3% growth in North America, 2% growth in Europe and 2% growth in Japan."
The group said of its non-cash gain in the fourth quarter: "As required by accounting standards, The Coca-Cola Company revalued its approximately 33% ownership of CCE to fair value at the closing date of the transaction to purchase CCE’s North American operations, resulting in a $5.0 billion one-time non-cash gain in the fourth quarter of 2010."
Coca-Cola shares were up 0.6% to $62.87 at 13:17pm GMT today.
Click here to view the full earnings release.
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