Business
Coca-Cola Consolidated Reports Fourth Quarter and Fiscal Year 2022 Results
Fourth quarter of 2022 net sales increased 12% versus the fourth quarter of 2021.Gross profit in the fourth quarter of 2022 was $599 million, an increase of
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Fourth quarter of 2022 net sales increased 12% versus the fourth quarter of 2021.Gross profit in the fourth quarter of 2022 was $599 million, an increase of 22% versus the fourth quarter of 2021. Gross margin in the fourth quarter of 2022 improved by 300 basis points(a) to 38.1%.Income from operations for fiscal year 2022 was $641 million, up $202 million, or 46%, versus fiscal year 2021. Key Results Fourth Quarter Fiscal Year (in millions) 2022 2021 Change 2022 2021 ChangePhysical case volume 88.2 89.2 (1.1)% 366.1 366.0 —%Net sales $1,572.8 $1,402.3 12.2% $6,201.0 $5,562.7 11.5%Gross profit $598.6 $492.8 21.5% $2,278.0 $1,954.2 16.6%Gross margin 38.1% 35.1% 36.7% 35.1% Income from operations $172.8 $87.1 98.4% $641.0 $439.2 46.0% Beverage Sales Fourth Quarter Fiscal Year (in millions) 2022 2021 Change 2022 2021 ChangeSparkling bottle/can $948.5 $797.2 19.0% $3,521.3 $3,020.9 16.6%Still bottle/can $468.1 $435.9 7.4% $2,020.1 $1,861.2 8.5% Fourth Quarter and Fiscal Year 2022 Review CHARLOTTE, N.C., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the fourth quarter and the fiscal year ended December 31, 2022. Net sales increased 12% to $1.57 billion in the fourth quarter of 2022. The increase in net sales was driven primarily by price increases taken across our portfolio. Volume in the fourth quarter of 2022 declined 1.1% on a reported basis. The fourth quarter of 2022 included one additional selling day compared to the fourth quarter of 2021. On a comparable(b) basis, physical case volume declined 2.1%, which included a decline in Sparkling and Still categories of 0.5% and 6.2%, respectively. Sparkling beverage volume continued to outperform price elasticities we have historically experienced with higher pricing. “Our Company celebrated important achievements in 2022. Not only did we celebrate our 120th year selling the world’s best brands, we also marked this important milestone by reaching record profitability,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “I am incredibly proud of all of our teammates who overcame staffing challenges and supply chain disruptions to meet the needs of our customers and consumers. We look forward to another strong year of performance in 2023 as we continue to evolve our purpose-driven business model and cons...