Profit for Coca-Cola, the world’s leading soft drink maker, fell 8 percent in the fourth quarter, the company reported Tuesday.
Overall volume was down 1 percent in North America, the Atlanta-based company’s biggest market, and volume for soft drinks — the biggest share of its products — fell 3 percent.
The news comes amid changing consumer tastes as Americans seek to cut back on sugary treats to stop the expansion of their waistlines. That change has not only impacted full-calorie drinks like Coke and Pepsi, but their diet versions, which have slid in consumption.
Net income in the quarter fell to $1.71 billion from $1.87 billion the same time last year. Earnings per share were down 7 percent from 41 cents per share in the fourth quarter of 2012 to 38 cents in this quarter.
Operating revenue dropped 4 percent in the quarter, from $11.45 billion a year ago to $11.04 billion.
Coca-Cola Chairman and Chief Executive Officer Muhtar Kent kept a stiff upper lip after the earnings release.
“While we move forward in what remains an uncertain global economy, the long-term fundamentals driving our business and industry have not changed,” he said. “A rising middle class, greater urbanization and increasing personal consumption expenditures in markets around the world will continue to drive greater demand for our beverages as consumers look for moments of refreshment.”
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