Coca-Cola's fourth quarter earnings fell 55 percent as a strong dollar hurt revenue from overseas. However, North America sales rose. Shartia Brantley reports.
Coca-Cola, the world's largest beverage maker, saw its profit plunge 55 percent during the fourth quarter. However, it did beat expectations. Sales in North America rose for the first time in four quarters offsetting the impact of the stronger dollar which hurt earnings from overseas. Shares of Coca-Cola are up about 4 percent. U.S. consumers' shift from carbonated drinks to water and other healthier alternatives continue to weigh on the company. Although consumers are drinking less they are willing to pay more for its products analysts say. Coke's CEO Muhtar Kent calls 2015 a tranistion year for the company as it continues to cut costs and works on selling its lower-margin bottling operations. He says "The benefits from the announced initiatives will take time to materialize amidst an uncertain and volatile marcoeconomic environment." Coca-Cola's arch rival PepsiCo is expected to release earnings on Wednesday.