UPDATE: Coca-Cola Shares Surge On Upbeat Earnings

Shares of

gained more than 4% in pre-market trading after the company reported better-than-expected earnings for the fourth quarter. The Atlanta, Georgia-based company posted quarterly earnings of $770 million, or $0.17 per share, compared to $1.71 billion, or $0.38 per share, in the year-ago period. Excluding items, the company earned $0.44 per share. Its revenue dropped 2% to $10.9 billion, while revenue, excluding currency, gained 4%. However, analysts were expecting earnings of $0.42 per share on revenue of $10.76 billion. North American sales gained 2% to $5.37 billion in the quarter. Global sparkling beverage volume rose 1% in the quarter, while global still beverage volume gained 2%. Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company said, "We are making solid progress on the implementation of the strategic initiatives we announced in October as evidenced by some early positive signs in the quarter. We remain resolutely focused on accelerating growth and taking advantage of opportunities to solidify our position in key markets and categories. However, we continue to see 2015 as a transition year as the benefits from the announced initiatives will take time to materialize amidst an uncertain and volatile macroeconomic environment." For 2015, the company projects comparable currency neutral EPS growth in the mid-single digits. Coca-Cola shares rose 4.10% to $42.92 in pre-market trading.