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The Coca-Cola Company Reports Full-Year And Fourth Quarter 2013 Results

Stocks in this article: KO

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.

Reported EPS was $0.38 and comparable EPS was $0.46. Items impacting comparability reduced fourth quarter 2013 reported EPS by a net $0.08 and reduced fourth quarter 2012 reported EPS by a net $0.04. Comparable currency neutral EPS was up 7% for the quarter.

Summary of Full-Year 2013 Financial Performance

Reported net revenues declined 2%. Excluding the impact of the structural changes referenced above, comparable currency neutral net revenues grew 3%. We achieved 1% global price/mix for the year, with positive pricing across key markets, leading to global NARTD value share growth for the 26 th consecutive quarter.

Reported operating income decreased 5%, reflecting a 4% currency headwind, a 2% 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%, in line with our long-term target, reflecting volume growth, continued investments around the world in the health and strength of our brands and the efficient management of operating expenses. Items impacting comparability reduced 2013 operating income by $1,032 million and reduced 2012 operating income by $471 million.

Reported EPS was $1.90 and comparable EPS was $2.08. Items impacting comparability reduced 2013 reported EPS by a net $0.18 and reduced 2012 reported EPS by a net $0.04. Comparable currency neutral EPS was up 8% for the year.

Full-year cash from operations was $10,542 million, down 1%, primarily due to the unfavorable impact from currency exchange rates, an increase in tax payments and the deconsolidation of the Brazilian and Philippine bottling operations.

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