Getty ImagesCoca-Cola is getting into the milk business with FairlifeWhen Coca-Cola reports fourth-quarter results on Tuesday, its soda sales won’t be the only focus. A key question will be the company’s nationwide introduction of Fairlife milk that came out of a 2012 partnership Coca-Cola KO, -0.10% inked with a group of family-owned dairy farms. The milk is billed as lactose free, uses a cold-filtration process to pack more protein and calcium and less sugar than conventional milk to respond to the American dietary trend. The introduction comes as Coca-Cola, which also has expanded in tea, energy drink and water categories, faces slowing soda and juice sales. With Fairlife, “what gives Coca-Cola confidence that moving into a new market and spending significant amount of money on branding is a productive use of company cash?” said Wintergreen Advisers in a list of questions it wants management to address on Tuesday. Wintergreen, whose $1.8 billion in assets under management include over 2.5 million Coca-Cola shares, said it also wants the company to address investor concerns regarding its dividend and credit rating, and whether it has been approached by third parties to explore a buyout or breakup of the company. It also wants to know how many senior manager positions make up the company’s planned job cuts of about 1,800 reported in January. Other things to look for: Earnings: Analysts surveyed by FactSet expect the Minute-Maid juice and Dasani water parent to report profit declined to 42 cents a share from 46 cents a year earlier. Revenue: The beverage giant is expected to report total sales declined to $10.8 billion from $11 billion a year earlier, according to FacSet. J.P. Morgan analyst John Faucher expects volume in Europe to decline 2%; rise 1% in Latin America and North American respectively; gain 2% in the Pacific; and rise 4% in Eurasia and Africa. Stock reaction: The Dow member has declined 3% this year, while smaller rival PepsiCo Inc. PEP, +0.17% , also reporting this week, rose 1.3% during the same period. Key points: As the dollar further appreciated against some major currencies, its impact on sales and profit will be another focus. Wall Street wants to hear whether lower oil price and the announcement of a stimulus program in Europe have lifted consumer demand. “We still think it’s too early to call for improved trends, but this could drive stronger growth as we move through the year,” J.P. Morgan’s Faucher said. On the costs front, management’s read on oil, aluminium, and corn, among key ingredients to its packaging and drinks, will be other watch points. . Investors also will pay attention to any strategic shifts that may be undertaken by the company’s new chief customer and commercial leadership officer, named in December, and a new chief marketing officer, appointed in October. Andria Cheng