Cost cuts help Coca-Cola beat profit expectations
Published 09/02/2016 | 12:41
Coca-Cola Co (KO.N) reported a better-than-expected quarterly profit, helped mainly by aggressive cost-cutting.
Coca-Cola is also trying to boost sales by raising prices and diversifying into beverages such as cold-pressed juices and energy drinks.
Net operating revenue fell 8 percent, the third straight quarterly drop. Excluding the impact of acquisitions, divestitures and foreign currency, sales declined 1 percent.
However, net income attributable to shareholders jumped 60.6 percent to $1.24 billion, or 28 cents per share, in the fourth quarter ended Dec. 31.
Selling, general and administrative expenses fell 9.2 percent to $3.94 billion.
Excluding items, the company earned 38 cents per share.
Analysts on average had expected earnings of 37 cents per share and revenue of $9.91 billion, according to Thomson Reuters I/B/E/S.