The Coca-Cola Company has reported its earnings for 2018, with organic revenues increasing by 5% for the fourth quarter and the full year, driven by concentrate sales growth of 3% and price/mix growth of 2%.

Latin America, North America and Asia Pacific all showed a price/mix increase, with Latin America having the highest increase of 13% for the quarter driven by revenue growth management in Mexico, while North America and Asia Pacific had a price-mix increase of 2% for the quarter.

Bottling investments also had a price/mix growth of 3% in the quarter from a strong price/mix performance in India.

Operating income grew by 21% for the fourth quarter and 14% for the full year, with a comparable currency neutral operating income increase of 8% for the quarter and 11% for the full year.

Fourth quarter and full year operating margins expanded to 516 and 585 basis points, while comparable operating margins (Non-GAAP) for the quarter and full year expanded to 13 and 385 basis points.

Coca-Cola Company CEO James Quincy said: “I am pleased with our strong organic revenue and earnings growth in 2018. Our results demonstrate progress in our transformation as a consumer-centric, total beverage company and the power of a more strategically aligned system.

“Coca-Cola has established a strong foundation to capitalise on long-term growth opportunities and drive sustained shareowner value.”

Coca-Cola’s net revenue declined by 6% to $7.1bn for the fourth quarter and declined by 10% to $ for the whole year of 2018.

Despite this, innovation in the Diet Coke brand and the success of Coca-Cola Zero Sugar in North America led to an eight-point increase in retail value growth for the no-calorie sparkling drinks portfolio for 2018.

Global premium innovations such as Coke Plus Coffee and revenue growth management initiatives increased the volume growth of the sparkling soft drinks portfolio by 2%.