Business
Coca-Cola Consolidated Reports Second Quarter and First Half 2023 Results
Second quarter of 2023 net sales increased 9% versus the second quarter of 2022. Gross profit in the second quarter of 2023 was $672 million, an increase of
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Second quarter of 2023 net sales increased 9% versus the second quarter of 2022. Gross profit in the second quarter of 2023 was $672 million, an increase of 22% versus the second quarter of 2022. Gross margin in the second quarter of 2023 improved by 410 basis points(a) to 38.6%. Income from operations for the first half of 2023 was $440 million, up $161 million, or 58%, versus the first half of 2022. Operating margin for the first half of 2023 was 13.3% as compared to 9.3% for the first half of 2022, an increase of 400 basis points. Key Results Second Quarter First Half (in millions) 2023 2022 Change 2023 2022 ChangeStandard physical case volume(1) 92.6 96.4 (4.0)% 175.0 181.5 (3.6)%Net sales $1,738.8 $1,595.2 9.0% $3,310.5 $2,999.6 10.4%Gross profit $671.6 $550.7 22.0% $1,295.7 $1,058.2 22.4%Gross margin 38.6% 34.5% 39.1% 35.3% Income from operations $233.7 $147.3 58.6% $439.7 $278.3 58.0%Operating margin 13.4% 9.2% 13.3% 9.3% Beverage Sales Second Quarter First Half (in millions) 2023 2022 Change 2023 2022 ChangeSparkling bottle/can $1,004.4 $879.9 14.1% $1,918.7 $1,655.9 15.9%Still bottle/can $573.6 $539.6 6.3% $1,082.9 $1,006.8 7.6% (1) A standard physical case is a volume metric used to standardize differing package configurations in order to measure delivered cases on an equivalent basis. Second Quarter and First Half 2023 Review CHARLOTTE, N.C., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the second quarter ended June 30, 2023 and the first half of fiscal 2023. “The strong business momentum we attained early this year continued in the second quarter as we posted another quarter of very strong profit growth and achieved a record high operating margin of 13.4%,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Our results are a testament to the strength of our brands and the dedication of our people as we navigate the current retail environment and the ever-evolving preferences of our consumers. I believe the plans we have in place for the second half will enable us to build on our first-half success, further strengthen our field operations and drive continued consumer engagement with our brands.” Net sales increased 9% to $1.74 billion in the second quarter of 2023 and increased 10% to $3.31 billion in the first half of 2023. The inc...