Business
Coca-Cola Consolidated Reports Second Quarter and First Half 2024 Results
Second quarter of 2024 net sales increased 3% versus the second quarter of 2023. Gross profit in the second quarter of 2024 was $717 million, an increase of
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Second quarter of 2024 net sales increased 3% versus the second quarter of 2023. Gross profit in the second quarter of 2024 was $717 million, an increase of 7% versus the second quarter of 2023. Gross margin in the second quarter of 2024 improved by 130 basis points(a) to 39.9%. Income from operations for the second quarter of 2024 was $259 million, up $25 million, or 11%, versus the second quarter of 2023. Operating margin for the second quarter of 2024 was 14.4% as compared to 13.4% for the second quarter of 2023, an increase of 100 basis points. Key Results Second Quarter First Half (in millions) 2024 2023 Change 2024 2023 ChangeStandard physical case volume 91.5 92.6 (1.2)% 173.6 175.0 (0.8)%Net sales $1,795.9 $1,738.8 3.3% $3,387.6 $3,310.5 2.3%Gross profit $716.7 $671.6 6.7% $1,357.3 $1,295.7 4.8%Gross margin 39.9% 38.6% 40.1% 39.1% Income from operations $259.1 $233.7 10.9% $474.5 $439.7 7.9%Operating margin 14.4% 13.4% 14.0% 13.3% Beverage Sales Second Quarter First Half (in millions) 2024 2023 Change 2024 2023 ChangeSparkling bottle/can $1,048.9 $1,004.4 4.4% $1,996.4 $1,918.7 4.0%Still bottle/can $597.5 $573.6 4.2% $1,108.4 $1,082.9 2.4% Second Quarter and First Half 2024 Review CHARLOTTE, N.C., July 31, 2024 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the second quarter ended June 28, 2024 and the first half of fiscal 2024. “We are pleased to report strong second quarter results that reflect our continued focus on margin management and operating efficiency,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “In addition to reaching higher levels of profitability this quarter, we made important progress in our commitment to build long-term value for our stockholders through a significant repurchase of our common shares. We look forward to communicating additional plans with you in the coming weeks.” Net sales increased 3.3% to $1.8 billion in the second quarter of 2024 and increased 2.3% to $3.4 billion in the first half of 2024. Sparkling and Still net sales increased 4.4% and 4.2%, respectively, compared to the second quarter of 2023. The net sales growth was driven by pricing actions taken during the first quarter of 2024. Standard physical case volume was down 1.2% in the second quarter of 2024 and down 0.8% in the first half of the year. For...