Coca-Cola profit rises 79%, shares jump 4%

Coca-Cola Co., the world's largest soft-drink maker, said fourth-quarter profit increased more than analysts estimated on higher sales of soda in Asia and Latin America and Vitaminwater in the United States.

Net income rose 79 percent, to $1.21 billion, or 52 cents a share, from $678 million, or 29 cents a share, a year earlier, when its largest bottler wrote down the value of North American operations, Atlanta-based Coca-Cola said. Excluding restructuring costs, profit beat estimates by 3 cents a share.

Coca-Cola sold more soda in Mexico and China, and benefited from the dollar's decline against other currencies. Revenue climbed 24 percent, to $7.33 billion, Coca-Cola said. The company reaffirmed its long-term forecast of as much as 9 percent annual earnings-per-share growth.

Coca-Cola shares rose $2.43, to close at $61.31 in New York Stock Exchange composite trading.

Deere & Co. The world's largest maufacturer of agricultural machinery said Wednesday that first-quarter profit rose 55 percent, as high crop prices stoked global demand for its farm equipment.

Sales climbed 18 percent in the November-through-January period, to $5.2 billion, from $4.43 billion last year. Deere said its sales outside North America jumped 37 percent, quadruple the North American growth.

Deere is enjoying an export boom as the dollar's decline makes its products cheaper in most markets overseas.

But its shares fell, as Deere offered second-quarter earnings guidance below what Wall Street expected. Its shares dropped $1.06, or 1.2 percent, to $85.42 in afternoon trading Wednesday.

The Moline, Ill., company said profit for the quarter ended Jan. 31 rose to $369.1 million, or 83 cents per share, compared with $238.7 million, or 52 cents per share, during the same period the previous year.

ASSOCIATED PRESS