Things Go Better With Coke

February 13 2008: 7:56 AM EST

NEW YORK (CNNMoney.com) -- Coca-Cola on Wednesday reported a jump on fourth-quarter profit as strong sales in its overseas markets helped to offset continued weakness in soda sales at home.
Coca-Cola (KO, Fortune 500) said net income rose 79% to $1.2 billion, or 52 cents a share, in the fourth quarter. Revenue rose 24% to $7.3 billion from $5.9 billion in the same period a year earlier.
Excluding restructuring charges and asset writedowns, the company's earnings rose to $1.4 billion, or 58 cents a share, beating Wall Street's forecasts. Non-GAAP earnings reflect a 12% increase over the same period last year, as the company's bottling division took a non-cash impairment charge in the fourth quarter of 2006.

Analysts polled by Thomson Financial had expected the Atlanta-based company to earn 55 cents per share during the quarter on revenue of $7 billion.
"This growth was balanced across our geographies and portfolio of brands," said Coca-Cola chief executive Neville Isdell in a statement.
Worldwide, Coke's carbonated beverage volume increased 4%, and non-carbonated beverages increased 12%; however, in the U.S., soda sales declined 2% in the quarter and for the year, while sales of other beverages including water, juices and energy drinks increased 8% for the quarter and 5% for the year.

Both Coke and Pepsi have seen their share of the North American carbonated beverage market fall recently, as more health-conscious consumers switch to vitamin-infused energy drinks and bottled water.
Last Tuesday, for example, Coca-Cola purchased a 40% stake in Bethesda, Md.-based Honest Tea, a maker of low-calorie tea and juice brands.
"With our strategies in place, our expanded brand portfolio and our geographic balance, we are well prepared to respond to opportunities and challenges ahead and anticipate another good year in 2008," said Isdell.

Last Friday, No. 2 soft drink maker Pepsi (PEP, Fortune 500) posted a 31% quarterly earnings loss from the same period a year earlier, when profits were boosted by a tax benefit.