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Coca-Cola Içecek Anonim Sirketi profit misses consensus by 69.8% in Q4

Coca-Cola Içecek Anonim Sirketi said its fourth-quarter normalized net income came to 10 kurus per share, compared with the S&P Capital IQ consensus estimate of 32 kurus per share.

The per-share result swung to a profit from the prior-year loss of 9 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.6 million lira, compared with a loss of 23.9 million lira in the prior-year period.

The normalized profit margin climbed to 1.9% from negative 2.2% in the year-earlier period.

Total revenue increased 17.6% year over year to 1.27 billion lira from 1.08 billion lira, and total operating expenses climbed 17.2% year over year to 1.27 billion lira from 1.09 billion lira.

Reported net income came to 4.2 million lira, or 2 kurus per share, compared to a loss of 36.8 million lira, or a loss of 14 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled 48 kurus per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 55 kurus.

EPS declined 49.6% from 95 kurus in the prior year.

Normalized net income was 122.1 million lira, a decline of 49.6% from 242.2 million lira in the prior year.

Full-year total revenue grew 12.3% from the prior-year period to 6.72 billion lira from 5.99 billion lira, and total operating expenses increased 13.2% on an annual basis to 6.05 billion lira from 5.34 billion lira.

The company said reported net income declined 62.9% on an annual basis to 117.2 million lira, or 46 kurus per share, in the full year, from 315.4 million lira, or 1.24 lira per share.

As of Feb. 29, US$1 was equivalent to 2.95 Turkish lira.