earnings inched higher in the fourth quarter on a 13% jump in revenue, as case volume rose thanks to several acquisitions.
The company earned $930 million, or 38 cents a share, on revenue of $4.8 billion in the latest quarter, up from $914 million, or 37 cents a share, on revenue of $4.2 billion last year. The latest quarter includes an expense of 2 cents a share related to Coke's adoption of fair-value options accounting. Analysts had been forecasting earnings of 40 cents, according to First Call.
The company said worldwide unit case volume rose 6%, helped by acquisitions and license agreements on brands such as Evian, Danone waters and Seagram's Mixers.
Coke also said it expects to record a pretax charge of $400 million related to various streamlining initiatives, including a plan to integrate Coca-Cola North America, Minute Maid and Fountain. That plan will result in the elimination of 1,000 jobs.
The shares closed at $39 Tuesday, down $1.06.