Business
Coca-Cola Consolidated Reports Second Quarter and First Half 2021 Results
Second quarter of 2021 net sales increased 17% versus the second quarter of 2020, with physical case volume up 6%(a). Second quarter of 2021 income from
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":" Second quarter of 2021 net sales increased 17% versus the second quarter of 2020, with physical case volume up 6%(a). Second quarter of 2021 income from operations was $121 million, up $38 million, or 45%, versus the second quarter of 2020. Income from operations for the first half of 2021 was $215 million, up $99 million, or 86%, versus the first half of 2020(b). Key Results Second Quarter First Half (in millions, except per share data)2021 2020 Change 2021 2020 ChangePhysical case volume96.4 91.1 5.9% 183.3 174.0 5.3%Net sales$1,433.1 $1,227.2 16.8% $2,702.9 $2,400.2 12.6%Gross profit$494.9 $429.3 15.3% $943.6 $834.6 13.1%Gross margin34.5 % 35.0 % 34.9 % 34.8 % Income from operations$120.9 $83.1 45.4% $215.0 $115.9 85.5%Basic net income per share$5.14 $4.23 $0.91 $10.83 $5.79 $5.04 Beverage SalesSecond Quarter First Half (in millions)2021 2020 Change 2021 2020 ChangeSparkling bottle/can$754.7 $694.2 8.7% $1,448.5 $1,324.9 9.3%Still bottle/can$499.0 $397.0 25.7% $919.1 $769.8 19.4%Fountain(c)$43.3 $22.5 92.4% $76.0 $63.6 19.5% Second Quarter and First Half 2021 Review CHARLOTTE, N.C., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the second quarter and first half ended July 2, 2021. “Our strong 2021 operating results continued in the second quarter as positive volume growth, solid price realization and disciplined operating expense management drove our second quarter operating income up 45% versus the prior year period,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “I am so thankful for our dedicated teammates, who execute at an incredibly high level across every part of our business every day. Despite all the challenges of the past year, they are working hard to ensure we meet the needs of our customers and our consumers. This strong execution and the resulting increased cash flow are enabling us to reinvest in our teammates, reduce debt and make strategic capital investments for the long-term health of the business.” Physical case volume increased 5.9% in the second quarter of 2021. Sparkling volume remained flat in the second quarter of 2021, while Still volume increased 20.9%. The Still category growth accelerated due to the re-openings of certain small stores and accounts where our products are consumed on-premise. The Still growth ...