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Coca-Cola Enterprises Inc., the largest bottler of Coca-Cola drinks, said Tuesday it swung to a fourth-quarter profit, as year-ago results included a hefty franchise impairment charge.

Quarterly net income totalled $158 million, or 32 cents per share, compared with a year-ago loss of $1.71 billion, or $3.59 per share.

Excluding a restructuring charge, debt extinguishment costs and a tax benefit, net income was 29 cents per share. Year-ago results included $3.79 per share in charges, mostly due to a franchise-impairment charge. Revenue rose 11% to $5.3 billion from $4.79 billion last year.

Analysts polled by Thomson Financial predicted net income of 27 cents per share on revenue of $5.14 billion. Analyst estimates typically exclude one-time items.

Results were helped by volume and price growth in North America and Europe, lower operating expenses and a favourable tax rate, the company said.

North America benefited from the launch of Glaceau water brands and growth from Coca-Cola Zero, Dasani and Powerade. European results were also helped by Coca-Cola Zero.

For the year, Coca-Cola Enterprises reported earnings of $711 million, or $1.46 per share, compared with a year-ago loss of $1.14 billion, or $2.41 per share. Revenue rose 6% to $20.94 million from $19.8 billion. * Article is copyright of Associated Press*