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Coca-Cola shares rise as it reports jump in 4Q profits

(AFP)

Coca-Cola reported a jump in fourth-quarter profits Thursday behind higher sales of soda and other beverages, especially in Latin America and Asia.

The soda giant scored fourth-quarter earnings of $2.0 billion, more than double the result from the year-ago period, a quarter marred by asset impairments.

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Revenues rose 16.2 percent to $9.1 billion.

The soda giant pointed to strong profitability in its trademark Coca-Cola brand, which was boosted by newer coffee-flavored cola offerings, as well as its diet drink, Coca-Cola Zero Sugar.

Sparkling soft drink volumes grew three percent in the quarter, with especially strong growth in China, Brazil and Southeast Asia. 

The company also scored higher volumes of water products and tea and coffee offerings, while juice, dairy and plant-based goods were flat.

Coca-Cola projected five percent growth in revenues in 2020, excluding the effect of acquisitions and currency movements. The company forecast eight percent growth in currency neutral operating income.

Shares rose 1.2 percent to $57.70 in pre-market trading.

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