By Harry R. Weber
The Associated Press

ATLANTA - Coca-Cola said Friday that it will no longer release quarterly and annual earnings forecasts, a move analysts said could mean more uncertainty for investors in the world's largest soft-drink company.

Coke said such estimates draw attention away from its efforts to build a successful business for the long run. It announced the policy change even as it said its outlook for earnings this year had not changed and that it was comfortable with the range of analysts' expectations for its earnings in 2003.

Carlos Laboy, an analyst with Bear Stearns in New York, said the move was unusual and he was unsure if other large companies would follow Coke's lead.

"It introduces a little bit of an element of uncertainty," Mr. Laboy said. "One of the byproducts of this measure is that you're going to have analysts doing more analysis."

He said he hopes the company continues to provide broad disclosure on its different businesses around the world.

UBS Warburg analyst Caroline Levy said the move is due to changes in global economics, which are not as easy to quantify.

"While it could negatively impact (Coke's) valuation, given the company's track record of misjudging growth, it may not be a significant negative," she said.

Brian Kinman, an auditor at PricewaterhouseCoopers, said Coke made a wise decision.

"The investor is going to get less information about predictions about short-term growth and more information about the direction the company is going," he said. "Frankly we believe that is more valuable information to the marketplace."

Many companies offer guidance through the year to update shareholders on earnings expectations, letting them continuously evaluate their investment. Actual earnings are released quarterly.

But a handful of large companies don't offer earnings guidance.

Among them are media company The Washington Post Co. and consumer products maker Gillette which, like Atlanta-based Coke, count billionaire investor Warren Buffett as a major shareholder and board member. Mr. Buffett is known as a proponent of investing for the long term rather than reacting to short-term developments.

Coca-Cola said it would continue to provide investors with perspective on value issues, strategic initiatives and its business and operating environment.

Coke chairman and chief executive Douglas Daft cited the desire to focus on the long term.

"We are quite comfortable measuring our progress as we achieve it, instead of focusing on the establishment and attainment of public forecasts," Mr. Daft said. "Our share owners are best served by this because we should not run our business based on short-term `expectations.' We are managing this business for the long-term."