Business
Coca-Cola Consolidated Reports Fourth Quarter 2019 and Fiscal Year 2019 Results
Fourth quarter 2019 net sales grew 3.7% versus the fourth quarter of 2018, with physical case volume up 1.2% for the quarter(a).Gross margin increased 150
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Fourth quarter 2019 net sales grew 3.7% versus the fourth quarter of 2018, with physical case volume up 1.2% for the quarter(a).Gross margin increased 150 basis points in fourth quarter 2019 compared to the fourth quarter of 2018. On an adjusted(b) basis, gross margin increased 30 basis points due to favorable input costs.Fourth quarter 2019 income from operations was $39.5 million, up $26.7 million versus the fourth quarter of 2018. On an adjusted(b) basis, income from operations decreased $0.4 million. Key Results\n Fourth Quarter Fiscal Year (in millions, except per share data) 2019 2018 Change 2019 2018 ChangePhysical case volume 83.9 82.9 1.2% 343.2 337.7 1.6%Net sales $1,178.9 $1,136.6 3.7% $4,826.5 $4,625.4 4.3%Gross profit $413.2 $380.6 8.5% $1,670.5 $1,555.7 7.4%Gross margin 35.0% 33.5% 34.6% 33.6% Income from operations $39.5 $12.8 N/M $180.8 $57.9 N/M Basic net income (loss) per share $(1.09) $(2.88) $1.79 $1.21 $(2.13) $3.34 Bottle/Can Sales Fourth Quarter Fiscal Year (in millions) 2019 2018 Change 2019 2018 ChangeSparkling beverages $653.3 $635.5 2.8% $2,582.5 $2,468.9 4.6%Still beverages $357.0 $334.1 6.9% $1,558.9 $1,441.8 8.1% Fourth Quarter 2019 and Fiscal Year 2019 Review CHARLOTTE, N.C., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ:COKE) today reported operating results for the fourth quarter and fiscal year ended December 29, 2019. “2019 was an outstanding year for Coca-Cola Consolidated,” said Frank Harrison, Chairman and CEO of Coca-Cola Consolidated. “We delivered record operating profit, generated strong cash flow and made significant investments in our business that strengthen our long-term growth outlook. We opened a new automated warehouse facility in Erlanger, Kentucky and began work on our announced plant consolidation in the Memphis region. These investments will increase the efficiency of our operations and drive long-term value for our stockholders. We begin 2020 confident in the health of our business and we look forward to building on our strong 2019 operating performance.” Revenue grew 3.7% in the fourth quarter of 2019, driven primarily by strong price growth and a continued shift in our product mix to higher priced Still products. Our physical case volume increased 1.2% in the quarter, driven primarily by strong growth in our Still portfolio. Revenue from our bottle/...