Coca-cola reports profits up

ATLANTA – The Coca-Cola Co. reported Wednesday a 79 percent jump in fourth-quarter profit and maintained its growth targets despite a slowing U.S. economy, but has no plans to be more aggressive with its stock buybacks.

The results posted by the world’s largest beverage maker beat Wall Street expectations, but company shares slipped.

The Atlanta-based company said it earned $1.21 billion, or 52 cents a share, for the three months ending Dec. 31, compared to a profit of $678 million, or 29 cents a share, a year earlier, when the company took a big impairment charge at its largest bottler.

Excluding one-time items, Coca-Cola said it earned $1.36 billion, or 58 cents a share, in the quarter; analysts surveyed by Thomson Financial were expecting 55 cents a share.

Revenue in the quarter rose 24 percent to $7.33 billion, compared to $5.93 billion recorded a year earlier.

Looking ahead, Coca-Cola executives said the company is mindful of the slowing U.S. economy.

Chief Financial Officer Gary Fayard said the company is confident about its overall volume and growth targets. But, he said, Coca-Cola only plans to buy back $1 billion to $2 billion in stock in 2008, about the same as in 2007.

Fayard said the company wants to be conservative because of credit market uncertainty.

Chief Executive Neville Isdell told analysts during a conference call that the fourth quarter was “a very positive finish to 2007” that “capped an excellent year for the Coca-Cola Co.”

He said the company is doing well based on its growth goals.

“We realize the journey is long, and we are by no means declaring victory,” Isdell said, adding that Coca-Cola will respond to future “opportunities and challenges.”