Business
Coca-Cola Consolidated Reports Fourth Quarter and Fiscal Year 2021 Results
Fourth quarter of 2021 net sales increased 10% versus the fourth quarter of 2020. The fourth quarter of 2020 included four additional selling days compared to
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Fourth quarter of 2021 net sales increased 10% versus the fourth quarter of 2020. The fourth quarter of 2020 included four additional selling days compared to the fourth quarter of 2021. On a comparable(a) basis, net sales increased 15%(b).Net sales for fiscal year 2021 were $5.6 billion, up 11% versus fiscal year 2020. Fiscal year 2020 included three additional selling days compared to fiscal year 2021. On an adjusted(a) basis, net sales for the full year increased 12%.Income from operations for fiscal year 2021 was $439 million, up $126 million, or 40%, versus fiscal year 2020. On an adjusted(a) basis, income from operations increased $133 million, or 43%. Key Results Fourth Quarter Fiscal Year (in millions)2021 2020 Change 2021 2020 ChangePhysical case volume 89.2 90.7 (1.7)% 366.0 358.8 2.0%Net sales$1,402.3 $1,278.6 9.7% $5,562.7 $5,007.4 11.1%Gross profit$492.8 $461.9 6.7% $1,954.2 $1,768.9 10.5%Gross margin 35.1% 36.1% 35.1% 35.3% Income from operations$87.1 $93.6 (6.9)% $439.2 $313.4 40.1% Beverage SalesFourth Quarter Fiscal Year (in millions)2021 2020 Change 2021 2020 ChangeSparkling bottle/can$797.2 $720.3 10.7% $3,020.9 $2,760.8 9.4%Still bottle/can$435.9 $402.8 8.2% $1,861.2 $1,641.7 13.4% Fourth Quarter and Fiscal Year 2021 Review CHARLOTTE, N.C., Feb. 22, 2022 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the fourth quarter and the fiscal year ended December 31, 2021. “2021 was a tremendous year for our Company as we achieved record revenue, income from operations and operating cash flow. I am thankful for our teammates who did an outstanding job overcoming numerous supply chain disruptions and working through the many operating challenges brought on by the pandemic,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “These strong results enabled us to continue to make strategic investments in our business like our automated warehouse in Whitestown, Indiana and a new production line in Richmond, Virginia, which adds PET bottle capacity. Our recent purchase of the distribution rights for Coca-Cola Bottling Company of Washington, North Carolina further reflects our long-term commitment to growth across our territory.” Physical case volume decreased 1.7% in the fourth quarter of 2021. On a comparable(a) selling day basis, physical case volume incr...