US soft-drinks giant Coca-Cola today reported soaring profits that beat expectations, largely due to a comeback in the North American market and the buyout of its main bottler.
Coca-Cola said fourth-quarter profit more than tripled to $5.8 billion, from $1.5 billion the same time a year earlier, pushing earnings per share to $2.46. The average analyst estimate was 72 cents.
Revenue jumped 39% in the October-December period to $10.5 billion, buoyed by an 8% rise in sales in North America. Worldwide, sales rose 6%.
The acquisition of the North American bottling business of Coca-Cola Enterprises resulted in a $5 billion one-time gain, the Atlanta-based company said.
For all of 2010, profit jumped 73% to $11.8 billion, with earnings per share of $5.06 dollars, better than the $3.49 expected. Annual sales rose 13% to $35.1 billion, also exceeding estimates.
Muhtar Kent, chairman and chief executive, said that Coca-Cola was entering 2011, its 125th year in business, 'with solid momentum'.
'While we recognise that challenges remain in our worldwide marketplace, we are confident that we are advancing our global momentum to deliver long-term sustainable growth and value for our shareowners,' he said.
