ATLANTA (AP) — Coca-Cola swung to a fourth-quarter loss after being hit with a $3.6 billion tax charged tied to a sweeping overhaul of the nation’s tax laws.
Revenues also plunged as the world’s largest drink maker sells off its bottling operations. Industry analysts have anticipated both as the company reshapes operations, and shares headed higher in early trading Friday.
“We achieved or exceeded our full year guidance while driving significant change as we continued to transform into a total beverage company,” said CEO James Quincey. “While there is still much work to do, I am encouraged by our momentum as we head into 2018.”
The Atlanta company reported a loss of $2.75 billion, or 65 cents per share. Earnings, adjusted for one-time gains and costs like the tax hit, came to 39 cents per share, which was a penny better than analysts had expected, according to a survey by Zacks Investment Research…
FINISH READING: Coca-Cola sales plunge as drink maker sheds bottling biz