Coca-Cola Co. (NYSE: KO) reported fourth-quarter and full-year 2015 results before markets opened Tuesday. For the quarter, the soft-drink maker posted adjusted diluted earnings per share (EPS) of $0.38 on revenues of $10 billion. In the same period a year ago, the company reported EPS of $0.44 on revenues of $10.9 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.37 and $9.91 billion in revenues.

For the full year, Coca-Cola posted EPS of $2.00 and revenues of $44.29 billion, compared with 2014 EPS of $2.04 and revenues of $46 billion. Analysts were looking for EPS of $1.99 and revenues of $44.36 billion.

Quarterly operating income rose by 5% to $1.52 billion and net income rose 61% on a GAAP basis from $770 million to $1.24 billion. About $300 million of that income growth could be attributed to lower cost of goods.

For the 2016 fiscal year, the company estimates that organic revenue will rise 4% to 5%, with acquisitions and divestitures producing a four to five point headwind and currency exchange effects are also expected to snip four points from reported revenues.

Pretax income for 2016 is expected to rise by 6% to 8% on a currency neutral basis, with structural items costing the company three to four points and currency exchange effects costing nine points.

On a currency neutral basis, Coca-Cola now expects EPS growth of 4% to 6% with the same negative impacts as those affecting pretax income.

Stock buybacks are slated to total $2.0 billion to $2.5 billion. Coke repurchased $2.3 billion in stock during 2015.

Analysts have estimated first-quarter EPS of $0.46 and revenues of $10.53 billion. For the full year, analysts currently estimate EPS of $2.03 and revenues of $44.13 billion.

The company also said that it is accelerating the pace and scale of its refranchising to include 100% of its company-owned North American bottling territories by the end of 2017, three years ahead of the company’s previous schedule. Coke has also signed a non-binding agreement to refranchise its bottling operations in China.

CEO Muhtar Kent said:

This acceleration of our global refranchising marks a step change in our efforts to refocus The Coca-Cola Company on its core business of building strong, valuable brands and leading a system of strong bottling partners. … The Coca-Cola Company will return to its focus as a higher margin, higher return and less capital intensive operation. With the accelerated refranchising plans announced today, we will move from a system where about 18% of our volume was produced by Company-owned bottlers in 2015 to about 3%.

Coca-Cola’s shares were down about 0.7% in early trading Tuesday, at $42.36 in a 52-week range of $36.56 to $43.91. Thomson Reuters had a consensus analyst price target of around $46.10 before the earnings report.

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