Q4 and Full-Year Results Meet or Exceed All
Long-Term Growth Targets
Today, our Company reports strong worldwide volume growth, with fourth quarter comparable EPS at the high end of our long-term growth target and full-year comparable EPS well ahead of our long-term growth target. Our global momentum advances as we once again extend worldwide volume and value share gains in total nonalcoholic ready-to-drink beverages, driven by volume and value share gains in both sparkling and still beverages.
•Strong worldwide volume growth of 6% in the quarter and 5% for the full year. Excluding the benefit of new cross-licensed brands, primarily Dr Pepper brands, worldwide volume growth was 5% in the quarter and for the full year, with organic volume growth in the quarter across every one of our five geographic operating groups.
•North America volume growth of 8% in the quarter and 2% for the full year. Excluding new cross-licensed brands, North America organic volume was up 3% in the quarter and up 1% for the full year.
•Fourth quarter reported EPS was $2.46, with comparable EPS at $0.72, up 9%, including a $0.02 dilutive impact to comparable EPS as a result of the Coca-Cola Enterprises (CCE) transaction. Full-year reported EPS was $5.06, with comparable EPS at $3.49, up 14%.
•Fourth quarter reported net revenue was $10.5 billion, with comparable currency neutral net revenue also at $10.5 billion, up 45%, including a 37% benefit from structural changes, principally related to the CCE transaction. For the full year, reported net revenue was $35.1 billion, with comparable currency neutral net revenue of $34.5 billion, up 14%, including an 8% benefit from structural changes, principally related to the CCE transaction.
•Fourth quarter reported operating income was $1.2 billion, with comparable currency neutral operating income of $2.0 billion, up 10%, including a 3% benefit from structural changes, principally related to the CCE transaction. For the full year, reported operating income was $8.4 billion, with comparable currency neutral operating income of $9.3 billion, up 11%, including a 1% benefit from structural changes, principally related to the CCE transaction.
•Worldwide volume growth was led by brand Coca-Cola, up 4% in the quarter and for the full year. Global volume and value share gains in total nonalcoholic ready-to-drink (NARTD) beverages and across both sparkling and still beverages in the quarter and for the full year.
•Strong cash flow generated, with full-year cash from operations up 16% to $9.5 billion.
•Our transaction with CCE closed on plan and integration efforts are on schedule, with expected 2011 cost synergies of $140 to $150 million.
•Productivity initiatives are well on plan and on track to achieve our targeted $500 million in annualized savings by year-end 2011.