Business
Coca-Cola Consolidated Reports First Quarter 2020 Results
First quarter 2020 net sales grew 6.4% versus the first quarter of 2019, with physical case volume up 6.1% for the quarter(a).Gross profit increased $16.0
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"First quarter 2020 net sales grew 6.4% versus the first quarter of 2019, with physical case volume up 6.1% for the quarter(a).Gross profit increased $16.0 million, or 4.1%, in the first quarter of 2020. Lower gross margins during the quarter reflect a substantial shift in the last three weeks of March 2020 away from small stores and on-premise outlets to larger retail stores.First quarter 2020 income from operations was $32.8 million, up $12.7 million. On an adjusted(b) basis, income from operations increased $16.0 million. Key Results\n First Quarter (in millions, except per share data)2020 2019 ChangePhysical case volume83.0 78.2 6.1 %Net sales$1,173.0 $1,102.9 6.4 %Gross profit$405.3 $389.3 4.1 %Gross margin34.6 % 35.3 % Income from operations$32.8 $20.2 62.9 %Basic net income (loss) per share$1.56 $(0.73) $2.29 Bottle/Can SalesFirst Quarter (in millions)2020 2019 ChangeSparkling beverages$631.1 $595.4 6.0 %Still beverages$373.3 $338.1 10.4 % First Quarter 2020 Review CHARLOTTE, N.C., May 05, 2020 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ:COKE) today reported operating results for the first quarter ended March 29, 2020. “This is a challenging time for our country and our local communities as we all respond to the COVID-19 pandemic. I am especially proud of our teammates throughout our territory for their unwavering focus on serving our customers and consumers during this difficult period,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “We are actively adjusting our operations to meet the changing schedules and needs of our customers while remaining focused on the health and well-being of our teammates and their families.” Revenue grew 6.4% in the first quarter of 2020, primarily due to an increase in physical case volume of 6.1%. Volume growth was strong in both Sparkling and Still categories as we introduced Coca-Cola line extensions and new products such as Coke Energy, AHA and enhanced waters. Volume growth was particularly strong in the last three weeks of the quarter as consumers prepared for COVID-19-related stay-at-home orders which shifted consumer buying patterns to take home multi-serve packages sold in larger retail stores. We estimate approximately two-thirds of our first quarter 2020 volume growth is attributable to heavy increases in demand during the last three weeks of March...