The Coca-Cola Co. (NYSE: KO) reported third-quarter 2014 results before markets opened Tuesday. The soft-drink maker posted adjusted diluted earnings per share (EPS) of $0.48 on revenues of $11.98 billion. In the same period a year ago, the company reported EPS of $0.53 on revenues of $12.03 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.53 and $12.12 billion in revenues.

Currency exchange rates provided a net 1% gain on comparable net revenues after adjusting for structural changes. Excluding the impact of structural changes, comparable currency neutral operating income rose by 5% in the quarter.

The company’s outlook for the fourth quarter and the full year have changed, and not for the better. The impact of Coke’s structural changes is now forecast to cost the company 1% to 2% of net revenues and approximately 2% of operating income in the fourth quarter. Currency exchange rates are expected to cost the company’s operating income 6% over the full year and 7% in the fourth quarter. Coca-Cola still expects to buy back $2.5 billion of its own shares, at the low end of the prior estimate of $2.5 to $3 billion.

The company’s CEO said:

Earlier this year, we announced five strategic priorities to restore momentum and reinvigorate long-term sustainable growth. While we have begun to see early signs of progress, we recognize that we need to increase the scope and pace of change as we continue to face a challenging macroeconomic environment. We are therefore taking actions to strengthen our long-term financial performance, including further aligning our organization and our incentive plans to drive revenue and profit growth, increasing our productivity target to $3 billion in annualized savings by 2019, streamlining and simplifying our organization, and proceeding with plans for refranchising the majority of Company-owned North American bottling territories by the end of 2017.

The company also released a more detailed description of its plan to reinvigorate growth. Coke will maintain its long-term high single-digit EPS growth target, adjust its net revenue target to mid single-digit growth and target profit before tax in place of operating income to account for increased equity income growth. The company’s pretax EPS growth target is 6% to 8%, and Coke expects to fall short of that target in 2014 and does not expect 2015 “to be significantly different from 2014.”

The headwind is currency exchange rates, and the reason for the slower growth is that U.S. sales are stagnant and international sales are not growing fast enough to overcome the stronger dollar. Coke is not the only consumer products company that will face these issues, but the stock was getting beaten up pretty good Tuesday morning.

Coca-Cola’s shares were down about 3.8% in premarket trading, at $41.66 in a 52-week range of $36.89 to $44.87. Thomson Reuters had a consensus analyst price target of around $45.60 before the report.

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