The Coca-Cola Co (NYSE:KO ) early Thursday (Feb.9, 2017 | 7:04am) posted mixed fourth quarter earnings and offered a tepid 2017 outlook, with currency headwinds blamed for the bulk of the weakness.

Written by StockNews.com

The Atlanta-based beverage giant reported Q4 EPS of $0.37, which was in-line with the Wall Street consensus estimate of $0.37.

Revenues fell 5.9% from last year to $9.41 billion, topping analysts’ $9.17 billion view.

Coca-Cola noted that revenue was negatively impacted by a foreign currency exchange headwind of 2%, and another headwind from acquisitions, divestitures, and structural items of 10%. Organic revenues gained 6% in the quarter.

Looking ahead, KO forecast full-year 2017 EPS declining -1% to -4% from 2016 levels. That implies earnings of $1.83 to $1.89, which would miss analysts’ current $1.97 estimate.

Coca-Cola also sees 2017 sales growth of 3%, with results again hampered significantly by currency headwinds.

The company commented via press release:

“We are pleased to report that we ended 2016 with fourth quarter top- and bottom-line growth within our expectations. Strong price/mix stemming from our continued focus on driving revenue and solid performance in our developed markets helped offset persistent macroeconomic pressures in our emerging and developing markets. Our flagship market of North America grew net revenues 8% for the quarter and 4% for the year, outperforming total retail value growth for both the North America nonalcoholic ready-to-drink beverage industry and U.S. consumer packaged goods companies.”

Coca-Cola shares fell $0.07 (-0.17%) in premarket trading Thursday. Year-to-date, KO has gained 1.35%, versus a 2.55% rise in the benchmark S&P 500 index during the same period.

KO currently has a StockNews.com POWR Rating of B (Buy), and is ranked #8 of 25 stocks in the Beverages category.