Last updated on August 16th, 2012 at 11:54 am
The Atlanta-based beverage giant, Coco-Cola, reported that its profit for 2011 was hurt by restructuring charges and other charges. It also reported a program to save $550 to $650 million by the end of 2015 and reinvest that savings into systemwide brand building initiatives and to mitigate potential incremental near-term commodity costs as necessary, the Atlanta Business Chronicle reports.
• Revenue: $46.5 billion, up 33 percent;
• Net Income: $8.6 billion, down 27 percent; and,
• Earnings Per Share: $3.69, down 27 percent.
“We once again achieved financial results for both the year and the quarter in line with, or ahead of, our long-term targets, with quarterly volume and revenue growth in every one of our five geographic operating groups,” said Coca-Cola Chairman and CEO Muhtar Kent. “Importantly, we also continued to increase our global volume and value share in 2011.”