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Earnings Roundup / Coca-cola

Profit declines; sales volume rises

February 13, 2009|Times Wire Reports

Coca-Cola Co. said its fourth-quarter profit fell 18% as it felt the effect of the stronger dollar and took several write-downs, but the world's largest soft drink maker sold more of its products around the world.

The results, including a 4% increase in worldwide case volume, beat Wall Street estimates, and Coca-Cola's shares rose $3.12 to $44.39.

The Atlanta seller of Sprite, Fanta, VitaminWater, Minute Maid orange juice and Nestea also plans to accelerate spending cuts and said it would save $500 million a year by 2011.

Coca-Cola earned $995 million, or 43 cents a share, down from $1.21 billion, or 52 cents, a year earlier.

Revenue fell 3% to $7.1 billion from $7.3 billion.

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