Business
Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2021 Results
Third quarter of 2021 net sales increased 10% versus the third quarter of 2020.Third quarter of 2021 gross profit was $518 million, up $45 million, or 10%,
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Third quarter of 2021 net sales increased 10% versus the third quarter of 2020.Third quarter of 2021 gross profit was $518 million, up $45 million, or 10%, versus the third quarter of 2020.Income from operations for the first nine months of 2021 was $352 million, up $132 million, or 60%, versus the first nine months of 2020(a). Key Results Third Quarter First Nine Months (in millions, except per share data) 2021 2020 Change 2021 2020 ChangePhysical case volume 93.5 94.1 (0.6)% 276.9 268.1 3.3%Net sales $1,457.4 $1,328.5 9.7 % $4,160.4 $3,728.7 11.6%Gross profit $517.7 $472.4 9.6 % $1,461.4 $1,307.0 11.8%Gross margin 35.5% 35.6% 35.1% 35.1% Income from operations $137.0 $103.8 32.0 % $352.1 $219.8 60.2%Basic net income per share $7.36 $5.53 $1.83 $18.19 $11.32 $6.87 Beverage Sales Third Quarter First Nine Months (in millions) 2021 2020 Change 2021 2020 ChangeSparkling bottle/can $773.5 $703.5 9.9 % $2,221.4 $2,040.1 8.9%Still bottle/can $504.0 $464.9 8.4 % $1,424.1 $1,239.3 14.9%Fountain(b) $45.3 $36.0 26.0 % $121.3 $99.3 22.1% Third Quarter and First Nine Months 2021 Review CHARLOTTE, N.C., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter and first nine months ended October 1, 2021. “Our results through the first nine months of 2021 reflect a strong balance of volume growth, price realization and prudent operating expense management. Our 60% growth in income from operations is even more remarkable when considering the pandemic-related challenges and supply chain disruptions across many industries,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “I am thankful for our amazing teammates, who continue to adapt and persevere through so many challenges, to ensure we serve our customers, our shareholders and our communities with excellence.” Net sales increased 10% to $1.46 billion in the third quarter(c), while physical case volume decreased 0.6%. The increase in net sales was driven primarily by pricing actions taken throughout the third quarter of 2021 on most of our Sparkling and Still beverages. These pricing actions were taken to help offset increases to our major input costs including aluminum, PET resin and transportation costs. Sparkling volume decreased 0.6% in the third quarter of 2021, outperforming the price elasticity ...