Business
Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2020 Results
Third quarter 2020 net sales increased 4.5% versus the third quarter of 2019, with physical case volume up 3.9% for the quarter(a).Gross profit increased
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Third quarter 2020 net sales increased 4.5% versus the third quarter of 2019, with physical case volume up 3.9% for the quarter(a).Gross profit increased $40.2 million, or 9.3%, in the third quarter of 2020. Gross margin improved 160 basis points due to selling price increases and favorable input costs.Third quarter 2020 income from operations was $103.8 million, up $50.0 million. On an adjusted(b) basis, income from operations increased $46.5 million versus the third quarter of 2019. Key Results\n Third Quarter First Nine Months (in millions, except per share data) 2020 2019 Change 2020 2019 ChangePhysical case volume 94.1 90.6 3.9% 268.1 259.3 3.4%Net sales $1,328.5 $1,271.0 4.5% $3,728.7 $3,647.6 2.2%Gross profit $472.4 $432.2 9.3% $1,307.0 $1,257.3 4.0%Gross margin 35.6% 34.0% 35.1% 34.5% Income from operations $103.8 $53.8 92.9% $219.8 $141.2 55.6%Basic net income per share $5.53 $1.39 $4.14 $11.32 $2.30 $9.02 Retail Beverage Sales Third Quarter First Nine Months (in millions) 2020 2019 Change 2020 2019 ChangeSparkling bottle/can $703.5 $657.5 7.0% $2,040.1 $1,928.3 5.8%Still bottle/can $464.9 $438.6 6.0% $1,239.3 $1,201.0 3.2%Fountain(c) $36.0 $55.5 (35.2)% $99.3 $150.0 (33.8)% Third Quarter and First Nine Months 2020 Review CHARLOTTE, N.C., Nov. 03, 2020 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ:COKE) today reported operating results for the third quarter and first nine months ended September 27, 2020. “Our strong third quarter results are a testament to the hard work of our teammates across our territory and the overall strength of the Coca-Cola system,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Based on the strength of our year-to-date results and our outlook for the remainder of the year, we are moving forward with a number of large capital projects designed to increase our manufacturing capacity, expand key warehouses and improve the use of automation and technology within our business.” “My family has been a Coca-Cola bottler for over 118 years and our long-term view of this business enables us to look past the business volatility and economic uncertainty we are currently facing,” Mr. Harrison continued. “We are confident that the operating and reinvestment decisions we are making this year will strengthen the long-term health of our business by supporting future growth and ma...