Mubasher: Coca-Cola swung to profit in the fourth quarter of 2018 from the previous year, whereas its revenues dropped 6% year-on-year.

The soda giant’s net income came in at $870 million in Q4-18, compared with a net loss of $2.75 billion in Q4-17. Basic earnings per share (EPS) were $0.20 in the fourth quarter of last year.

Coca-Cola generated $7.05 billion in net operating revenues the three-month period ended December last year, down from $7.51 billion in the same period of the preceding year.

Unit case volume in North American sales fell 1% due to the impact of the midsummer price hikes, Coca-Cola’s CEO James Quincey said.

In addition, economic conditions in certain emerging markets, like Central America wiped out growth in India and Central and Eastern Europe.

For the full year 2018, the Atlanta-based company recorded $6.43 billion, up from $1.24 billion the year before, while revenues totalled $31.85 billion, falling 10% from $35.41 billion.

The revenue decline was ascribed to currency headwinds with which world’s biggest beverage maker.

Looking ahead, Coca-Cola expects that its EPS from continuing operations could rise or decline by 1%.

“Our results demonstrate progress in our transformation as a consumer-centric, total beverage company and the power of a more strategically aligned system,” Coca-Cola’s CEO James Quincey stated.