Business
Coca-Cola Consolidated Reports Second Quarter and First Half 2020 Results
Second quarter 2020 net sales declined 3.6% versus the second quarter of 2019, with physical case volume up 0.6% for the quarter(a).Gross profit decreased
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Second quarter 2020 net sales declined 3.6% versus the second quarter of 2019, with physical case volume up 0.6% for the quarter(a).Gross profit decreased $6.5 million, or 1.5%, in the second quarter of 2020. Gross margin improved 80 basis points due to favorable commodity costs.Second quarter 2020 income from operations was $83.1 million, up $15.9 million. On an adjusted(b) basis, income from operations increased $4.2 million versus the second quarter of 2019. Key Results\n Second Quarter First Half (in millions, except per share data) 2020 2019 Change 2020 2019 ChangePhysical case volume 91.1 90.5 0.6% 174.0 168.7 3.1%Net sales $1,227.2 $1,273.7 (3.6)% $2,400.2 $2,376.6 1.0%Gross profit $429.3 $435.8 (1.5)% $834.6 $825.1 1.2%Gross margin 35.0% 34.2% 34.8% 34.7% Income from operations $83.1 $67.2 23.7% $115.9 $87.4 32.7%Basic net income per share $4.23 $1.64 $2.59 $5.79 $0.91 $4.88 Retail Beverage Sales Second Quarter First Half (in millions) 2020 2019 Change 2020 2019 ChangeSparkling bottle/can $694.2 $664.9 4.4% $1,324.9 $1,260.6 5.1%Still bottle/can $397.0 $416.6 (4.7)% $769.8 $753.6 2.2%Fountain(c) $22.5 $51.8 (56.6)% $63.6 $94.6 (32.8)% Second Quarter and First Half 2020 Review CHARLOTTE, N.C., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ:COKE) today reported operating results for the second quarter and first half ended June 28, 2020. “I am extremely pleased with our strong second quarter operating results in light of the significant COVID-19-related operating challenges we faced during the quarter,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Consumer buying patterns and overall demand for our products have shifted rapidly over the past four months as consumers adapted to the closings and staged re-openings of our local economies. I am proud of all of our teammates and how they have worked tirelessly to keep our products available and serve our communities, customers and consumers with excellence.” Physical case volume increased 0.6% in the second quarter of 2020. COVID-19-related stay-at-home orders resulted in extreme volatility in our revenue and physical case sales during the quarter as the shift towards multi-serve packages sold in larger retail stores caused by the closure of on-premise outlets that started during March continued during the second quarter of 2020. Vo...