Coca-Cola, the world’s largest beverage company, reported fourth-quarter profit that beat analysts’ estimates, helped by cost-cutting efforts and a shift toward higher-priced drinks.

Excluding some items, profit was 44 cents a share in the period, Atlanta-based Coca-Cola said. While revenue dropped 1.5 per cent to $10.9 billion, that also exceeded projections. Analysts had predicted sales of $10.8 billion.

Coca-Cola chief executive Muhtar Kent, coping with currency challenges and sluggish growth worldwide, is trimming expenses and selling more premium-priced beverages.

He aims to pare $3 billion in annual costs as part of an effort that will eliminate jobs and boost productivity.

Kent also is confronting mounting concerns over obesity and artificial sweeteners. – (Bloomberg)