The Coca-Cola Co. (NYSE: KO) reported fourth-quarter and full-year 2014 results before markets opened Tuesday. For the quarter, the soft-drink maker posted adjusted diluted earnings per share (EPS) of $0.44 on revenues of $10.87 billion. In the same period a year ago, the company reported EPS of $0.46 on revenues of $11.04 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.42 EPS and $10.76 billion in revenues.

For the full year, Coca-Cola reported EPS of $2.04 on revenues of $46.00 billion, compared with 2013 EPS of $2.08 on revenues of $46.85 billion. Analysts were looking for EPS of $2.03 on revenues of $45.91 billion.

On a GAAP basis, the company posted EPS of $0.17 for the quarter and $1.60 for the full year. Special items in the fourth quarter include charges for Coke’s Venezuelan business, non-cash charges related to refranchising in North America, restructuring costs and a 10-point hit on currency exchange rates. The strong dollar had a larger impact on Coke’s results than the company had previously estimated.

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The company’s outlook for 2015 is essentially unchanged from the report Coca-Cola offered in early December. Currency exchange rates are expected to inflict a 5% negative impact on revenues and a 7% to 8% impact on profits for the 2015 fiscal year. The first-quarter impacts are estimated at 6% on revenues and 8% on profits. On a currency neutral basis, Coke expects profits to rise in the mid-single digits, which the company said is about equal to its 2014 earnings per share growth rate.

The company repurchased shares valued at $2.6 billion in 2014 and expects to buy back $2 billion to $3 billion of its own shares in 2015.

The company’s CEO said:

[W]e continue to see 2015 as a transition year as the benefits from the announced initiatives will take time to materialize amidst an uncertain and volatile macroeconomic environment. We remain confident that we have the right strategies in place, and our associates and bottling partners are embracing these initiatives and are enthusiastic about the opportunity ahead. We will continue to strengthen our brand portfolio and leverage our unparalleled global distribution system to create sustainable long-term shareowner value.

The headwinds in currency exchange rates and slowing international sales are making growth very hard for consumer products giants like Coca-Cola. Investors are likely to give the company a pass Tuesday morning because the results surpasses the company’s lowered outlook. Sometimes managing expectations is a good alternative to growing sales and profits.

Coca-Cola’s shares were up about 3.5% in premarket trading, at $42.69 in a 52-week range of $36.89 to $45.00. Thomson Reuters had a consensus analyst price target of around $44.60 before the report.

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