Coke earnings up, but CEO not satisfied
Overall CEO Neville Isdell said the year will be remembered as “the beginning of an important transition” for the company.
Reported fourth quarter income increased 23 percent compared to the prior year fourth quarter and increased 9 percent for the full year compared to the prior year. Operating income in the quarter was negatively impacted by fewer shipping days, poor performance in certain key markets including Germany, increased corporate expenses and continuing investments in marketing and innovation activities, offset by positive currency benefits.
"We are not satisfied with our performance in 2004. By most measures, we did not perform to our potential or the expectations of our shareowners. On the whole, I believe 2004 will be remembered as the beginning of an important transition for The Coca-Cola Company. We are making the necessary course correction that will enable us to fulfill our enormous potential, accelerate growth and create value for shareowners over the long-term," Isdell said in a statement.
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