The Coca-Cola Company delivered strong fourth quarter operating results and achieved or exceeded the company's full-year guidance in 2017.
The company reported a net loss of $2.75m, or 65 cents per share, compared with net income of $550.0m, or 13 cents per share, for the same period last year. Losses were driven primarily by items impacting comparability, including the impact of the Tax Reform Bill and a one-time net charge of $3.6bn during the quarter.
Shares rose 1.7% in Friday premarket trading after it reported it had delivered broad-based organic revenue (non-GAAP) growth across all operating segments, as well as profit growth.
Adjusted EPS was 39 cents and revenue totalled $7.51bn, down 20% from $9.41bn last year. The FactSet EPS consensus was 38 cents and the revenue consensus was $7.36bn.
James Quincey, President and CEO of The Coca-Cola Company, said: "I am pleased with our accomplishments and results in 2017. We achieved or exceeded our full-year guidance while driving significant change as we continued to transform into a total beverage company. While there is still much work to do, I am encouraged by our momentum as we head into 2018."
Throughout 2017, the company made progress in transforming the culture of the organisation to be more entrepreneurial. The Company’s lean centre initiative reshaped the corporate structure to support faster growth and empower field operations to act with more speed and independence.
The beverage giant also achieved major milestones in strengthening the system and returning to a capital-light organisation, including a fully refranchised bottling system in the US. Outside of the US, it refranchised previously owned bottling operations in China to local partners.