THE NEWS: Coca-Cola Co.'s fourth-quarter net income fell 71 percent in the fourth quarter, mainly due to a benefit it received last year buying North American operations of one of its bottlers.
THE CONTEXT: Excluding one-time items, Coca-Cola's earnings beat expectations. Volume rose globally as the company expanded in emerging markets. It also raised prices in North America. Revenue rose 5 percent to $11.04 billion.
WHAT'S NEXT: The company outlined a cost-cutting program designed to save $550 million to $650 million annually by the end of 2015.