Coca-Cola's fourth-quarter net income dropped 71%, weighed down by restructuring charges and a difficult comparison with last year's fourth quarter, when the beverage maker had a hefty benefit from buying its bottlers.
But the Atlanta company said its adjusted results topped Wall Street's expectations as it sold more drinks in the US and abroad, particularly in emerging markets.
"Even as we believe that global market volatility will continue in the near term, the breadth of our global footprint and the strength of our brands create a resilient business that was built for times like these," said CEO Muhtar Kent in a statement.
Coke also said it will start a cost-cutting programme in 2012 to save $550m to $650m annually by 2015 in part to help offset continued high commodity costs.
Coca-Cola, whose brands include Sprite and Minute Maid, earned $1.65 billion, or 72 cents per share, for the period ended December 31. That is down sharply from $5.77 billion, or $2.46 per share, a year earlier.
But a year ago, the company had a one-time net gain of $1.74 per share, mainly related to buying a bottler's North American operations. Removing restructuring charges and other items, earnings were 79 cents per share.
Revenue increased 5% to $11.04 billion. It was helped by higher prices, strength overseas and solid results from the Coca-Cola brand, juices and teas. The figure just topped Wall Street's $11 billion estimate.
Coca-Cola sold 3% more of its drinks during the quarter, including a 1% gain in Europe and North America and a 4% gain in Eurasia and Africa and Latin America.
Coca-Cola, which has more than 500 brands including Fanta, Sprite, Dasani and Minute Maid, has weathered the downturn by spending more on advertising, new products and plants.
The company, like many, also has turned overseas for growth, particularly emerging markets like India and China. And in North America, it is raising prices and offering smaller package sizes.
For the year, net income fell 27% to $8.57 billion, or $3.69 a share. That compares with $11.81 billion or $5.06 a share last year. Revenue rose 33% to $46.54 billion from $35.12 billion. Global volume grew 5% during the year, helped by strength in emerging markets such as Latin America.
