Cost cuts help Coca-Cola beat profit expectations

Coca-Cola Co reported a better-than-expected quarterly profit, helped mainly by aggressive cost-cutting.

Coca-Cola is also trying to boost sales by raising prices and diversifying into beverages such as cold-pressed juices and energy drinks.

Net operating revenue fell 8%, the third straight quarterly drop. Excluding the impact of acquisitions, divestitures and foreign currency, sales declined 1%.

However, net income attributable to shareholders jumped 60.6% to $1.24 billion, or 28 cents per share, in the fourth quarter ended Dec. 31.

Selling, general and administrative expenses fell 9.2% to $3.94 billion.

Excluding items, the company earned 38 cents per share.

Analysts on average had expected earnings of 37 cents per share and revenue of $9.91 billion, according to Thomson Reuters.