Coca-Cola’s 4th-quarter profit rises 55% on higher overseas sales

Coca-Cola Co. said Tuesday that its fourth-quarter profit rose 55% as sales grew in China and India.

Net income increased to $1.54 billion, or 66 cents a share, from $995 million, or 43 cents, a year earlier, the Atlanta company said. Earnings per share matched analyst estimates compiled by Bloomberg.

Revenue increased 5.4% to $7.51 billion, the company said.

Sales by case volume grew 29% in China and 20% in India, helping boost global volume 5% and offsetting declines in North America. The company was able to counter “strong consumer head winds” in developed markets, Coca-Cola Chief Executive Muhtar Kent said.

Coca-Cola shares advanced $1.36, or 2.6%, to $54.01.

WARNER MUSIC

Digital revenue isn’t enough

Warner Music Group reported a loss for its fiscal first quarter as a slight uptick in digital revenue failed to make up for falling CD sales.

The company lost $17 million, or 11 cents a share, compared with a profit of $23 million, or 15 cents, a year earlier. Earnings in the quarter last year were boosted by $36 million, or 24 cents a share, from Warner Music’s sale of an interest in talent agency Front Line Management to Ticketmaster.

Revenue was up 3% to $918 million, but only because of foreign currency swings. Adjusting for those changes, revenue fell 2%, reflecting weakness in the U.S., Japan and parts of Europe. Sales were stronger in Britain, France and Italy.

Digital sales, which now make up about 20% of Warner Music’s revenue, grew 8% to $184 million, helped largely by overseas growth.

Shares of the New York company rose 23 cents, or 4.8%, to $5.02.

IAC

Internet firm loses $1 billion

Internet company IAC/InterActiveCorp lost $1 billion in the fourth quarter because it wrote down the value of its search business, but the results beat expectations and offered the latest indication that the online advertising market is improving.

IAC, which is run by media billionaire Barry Diller, said its loss amounted to $7.94 a share. This compares with a profit of $227.4 million, or $1.57, a year earlier.

In the most recent quarter IAC took a $991.9-million impairment charge to account for decreased projections for revenue and profit growth at IAC’s search properties, which include such websites as Ask.com and Dictionary.com.

Excluding one-time items, the company earned 20 cents a share, 2 cents more than analysts polled by Thomson Reuters expected.

Revenue climbed 5% to $367.2 million, beating analyst estimates of $339.6 million.

IAC shares rose 19 cents to $21.35.

LIONS GATE

Studio posts narrower loss

Lions Gate Entertainment Corp., an independent film studio in Santa Monica, reported a narrower third-quarter loss on higher television production revenue.

The loss of $65.3 million, or 55 cents a share, compares with a loss of $97.8 million, or 84 cents, a year earlier, the company said.

Sales increased 15% to $371.8 million, beating the $364.7-million average estimate of analysts in a Bloomberg Survey.

-- times wire reports