Business
Coca-Cola Consolidated Reports Second Quarter and First Half 2022 Results
Second quarter of 2022 net sales increased 11% versus the second quarter of 2021, with physical case volume growth of 1.0%(a).Gross profit in the second
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Second quarter of 2022 net sales increased 11% versus the second quarter of 2021, with physical case volume growth of 1.0%(a).Gross profit in the second quarter of 2022 was $551 million, an increase of 11% versus the second quarter of 2021. Gross margin remained flat at 34.5%, while adjusted(b) gross margin improved by 90 basis points to 35.4%.Income from operations for the first half of 2022 was $278 million, up $63 million, or 29%, versus the first half of 2021. Key Results Second Quarter First Half (in millions) 2022 2021 Change 2022 2021 ChangePhysical case volume 97.4 96.4 1.0% 183.8 183.3 0.3%Net sales $1,595.2 $1,433.1 11.3% $2,999.6 $2,702.9 11.0%Gross profit $550.7 $494.9 11.3% $1,058.2 $943.6 12.1%Gross margin 34.5% 34.5% 35.3% 34.9% Income from operations $147.3 $120.9 21.9% $278.3 $215.0 29.4% Beverage Sales Second Quarter First Half (in millions) 2022 2021 Change 2022 2021 ChangeSparkling bottle/can $879.9 $754.7 16.6% $1,655.9 $1,448.5 14.3%Still bottle/can $539.6 $499.0 8.1% $1,006.8 $919.1 9.5% Second Quarter and First Half 2022 Review CHARLOTTE, N.C., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the second quarter ended July 1, 2022 and the first half of fiscal 2022. “Our strong operating performance this quarter reflects solid execution across all aspects of our business. While supply chain challenges and cost inflation continue to impact our business, our team is successfully executing pricing and packaging strategies that are driving profitable growth,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “I am thankful for all of our teammates who live out Our Purpose every day as they serve our communities, customers and consumers with excellence.” Net sales increased 11% to $1.60 billion in the second quarter of 2022, while physical case volume increased 1.0%. The increase in net sales was driven primarily by price increases taken on most of our Sparkling and Still beverages over the last year. Sparkling beverage volume increased 1.8% in the quarter, as consumer demand remained strong, especially for our multi-serve can packages. Sales of Sparkling single-serve products sold in immediate consumption channels also continued to perform well, with volume increasing 1.9% in the quarter. Still beverage volume decreased 0.6% in t...