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 ATLANTA (AP) - The Coca-Cola Co. benefited from strong sales and growth in noncarbonated offerings, but its profit fell 28 percent in the fourth-quarter due in part to certain one-time tax issues. Its shares rose Tuesday as the world's largest beverage maker beat expectations.
The Atlanta-based company said it earned $864 million, or 36 cents a share, for the three months ending Dec. 31, compared to a profit of $1.20 billion, or 50 cents a share, in the same period a year ago when Coke benefited from an insurance settlement and other matters.
Excluding one-time items — an accrual for taxes related to the repatriation of foreign earnings and charges incurred by an equity investee — Coca-Cola said it earned $1.08 billion, or 46 cents a share, in the quarter.
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