Wednesday reported flat fourth-quarter earnings, but the soft-drink giant still achieved record revenue in 2003.
The Atlanta-based company had net income of $927 million, or 38 cents, including items, compared with $930 million, or 38 cents a share, a year ago. Revenue rose 8% to $5.17 billion in the period ended Dec. 31. Gross profit rose 7% to $3.33 billion.
Excluding restructuring costs, the company earned 46 cents a share, vs. a consensus estimate of 45 cents a share, according to Thomson First Call.
Pretax restructuring costs were $289 million, or 8 cents ashare, during the quarter, as the company continued to streamline operations by integrating its three North American units.
For the quarter, the weak dollar boosted operating income by about 5%.
For full-year 2003, Coca-Cola had revenue just above $21 billion, as well as record EPS of $1.77.
In premarket trading, shares were down 67 cents, or 1.3%, to $51.50.