Business
Coca-Cola Consolidated Reports First Quarter 2022 Results
First quarter of 2022 net sales increased 11% versus the first quarter of 2021.Gross profit for the first quarter of 2022 was $508 million, up 13% versus the
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"First quarter of 2022 net sales increased 11% versus the first quarter of 2021.Gross profit for the first quarter of 2022 was $508 million, up 13% versus the first quarter of 2021. Gross margin increased 80 basis points to 36.1%(a).Income from operations for the first quarter of 2022 was $131 million, up $37 million, or 39%, versus the first quarter of 2021. On an adjusted(b) basis, income from operations increased $24 million, or 25%. Key Results First Quarter (in millions) 2022 2021 ChangePhysical case volume 86.4 86.9 (0.6)%Net sales $1,404.4 $1,269.9 10.6%Gross profit $507.6 $448.7 13.1%Gross margin 36.1% 35.3% Income from operations $131.0 $94.2 39.1% Beverage Sales First Quarter (in millions) 2022 2021 ChangeSparkling bottle/can $775.6 $694.2 11.7%Still bottle/can $467.9 $420.1 11.4% First Quarter 2022 Review CHARLOTTE, N.C., May 03, 2022 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the first quarter ended April 1, 2022. “After achieving record operating performance in 2021, we are off to a very strong start in 2022. Our teammates are doing a tremendous job serving our customers and consumers as demand for our brands remains solid,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “I am pleased that our strong operating results and cash flow are enabling us to further strengthen our Company for continued growth. Two examples of recent investments include the purchase of our Charlotte, N.C. production facility for $60 million and the acquisition of the BODYARMOR distribution rights in our Mid-Atlantic territory for $30 million.” Net sales increased 11% to $1.40 billion in the first quarter of 2022, while physical case volume decreased 0.6%. The increase in net sales was driven primarily by pricing actions taken on most of our Sparkling and Still beverages during the second half of 2021 and the beginning of 2022. While Sparkling beverage volume decreased 1.5% in the quarter, category demand remained strong when considering the higher pricing in the marketplace. Sales of single-serve products sold in small stores and other immediate consumption channels continued to perform well as on-premise outlets return to pre-pandemic operating levels. Sparkling immediate consumption packages were up 4.6% in the quarter. Still beverage volume increased 1.6% in the ...