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Coca-Cola Profit Rises As Sales Jump |
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| author: gdz | 13 February 2008 | Views: 272 |
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ATLANTA (AP) -- The Coca-Cola Co. reported Wednesday a 79 percent jump in fourth-quarter profit and maintained its growth targets despite a slowing U.S. economy, but has no plans to be more aggressive with its stock buybacks.
The results posted by the world's largest beverage maker beat Wall Street expectations, but company shares slipped.
The Atlanta-based company said it earned $1.21 billion, or 52 cents a share, for the three months ending Dec. 31, compared to a profit of $678 million, or 29 cents a share, a year earlier, when the company took a big impairment charge at its largest bottler.
Excluding one-time items, Coca-Cola said it earned $1.36 billion, or 58 cents a share, in the quarter, ahead of the 55 cents a share analysts surveyed by Thomson Financial were expecting.
Revenue in the quarter rose 24 percent to $7.33 billion, compared to $5.93 billion recorded a year earlier.
Looking ahead, Coca-Cola executives said the company is mindful of the slowing U.S. economy.
Chief Financial Officer Gary Fayard said the company is confident about its overall volume and growth targets. But, he said Coca-Cola only plans to buy back $1 billion to $2 billion in company stock in 2008, |
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