Coca-Cola Company Q4 net income $870 million
Coca-Cola Company Organic revenues grew 5 percent
Coca-Cola Company reported a profit for the fourth quarter, compared to a loss in the year-ago period that included a hefty one-time charge related to the U.S. tax reform.
Looking ahead, the company forecast fiscal 2019 earnings below analysts' expectations.
Fourth-quarter net income attributable to shareowners of Coca-Cola was $870 million or $0.20 per share, compared to net loss of $2.75 billion or $0.65 per share in the previous-year quarter.
The prior-year period's results include a one-time net charge related to the Tax Reform Act of $3.61 billion.
Comparable earnings from continuing operations for the quarter were $0.43 per share, compared to $0.39 per share in the prior-year period.
Net operating revenues for the quarter declined 6 percent to $7.06 billion from $7.51 billion in the year-ago period, impacted by headwinds of 13 percent from the combined impact of currency and the refranchising of bottling territories.
Organic revenues grew 5 percent in the quarter, driven by price/mix growth of 4 percent and concentrate sales growth of 1 percent.
Unit case volume growth was even in the quarter.
Looking ahead to the first quarter, Coca-Cola said its comparable net revenues will face a 6 percent to 7 percent tailwind from acquisitions, divestitures and structural items; and 6 percent to 7 percent currency headwind based on the current rates and including the impact of hedged positions.
For fiscal 2019, Coca-Cola forecast comparable earnings per share from continuing operations growth in a range of -1 percent to 1 percent growth, compared to earnings of $2.08 per share in 2018.
In addition, the company projects about 4 percent growth in organic revenues, and 10 percent to 11 percent growth in comparable currency-neutral operating income, both on an adjusted basis. ■
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