Coca-Cola Co. said it is looking for ways to “restore momentum” as it posted lower fourth-quarter results that concluded a challenging year for the soft-drink giant.

Coke’s KO, -0.19% revenue for the quarter missed Wall Street expectations, while profit declined.

Following a year that was “marked by ongoing global macroeconomic challenges,” Coke is looking to “restore momentum” in 2014, Chairman and Chief Executive Muhtar Kent said Tuesday.

The company said it is expanding its productivity and reinvestment program, with a goal of generating an incremental $1 billion in savings that will be put into media investments.

Bloomberg

“We are committed to accelerating marketing investments in our brands, further advancing our innovation strategies and maximizing productivity and reinvestment for growth,” Kent said.

Coke is also looking to buy back $2.5 billion to $3 billion in shares this year, the company said.

Coke and other soft drink makers have had to contend with declining demand for soda in North America. Primary rival PepsiCo PEP, -1.29% , which reported lower fourth-quarter Americas beverage sales last week, has depended on cost-savings plans and its snack business to buoy results. Coke, meanwhile, is strictly a beverage company and has sought to support its bottom line through savings and other initiatives.

One such move came earlier this month when Coke said it took a 10% stake in Green Mountain Coffee Roasters Inc. US:GMCR, the maker of single-cup Keurig coffee makers. The companies also agreed to use Coca-Cola brands in Green Mountain’s upcoming cold-brewing system that will compete with SodaStream International Ltd.’s US:SODA carbonated-beverage makers.

For the fourth quarter, Coke posted a profit of $1.71 billion, or 38 cents a share, compared with a profit of $1.87 billion, or 41 cents a share, a year ago. Excluding restructuring costs and other items, per-share earnings rose to 46 cents from 45 cents.

Revenue fell 3.6% to $11.04 billion. Excluding certain structural changes, currency-neutral net revenue grew 4% for the quarter, the company said.

Analysts polled by Thomson Reuters had expected earnings of 46 cents a share and revenue of $11.31 billion.

Worldwide unit case volume climbed 1%, while it declined 1% in North America, where operating revenue declined slightly to $5.27 billion.

Shares of Coca-Cola declined slightly in premarket trading. Through Friday, the stock was down 5.8% so far this year.