Business
Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2022 Results
Third quarter of 2022 net sales increased 12% versus the third quarter of 2021, with physical case volume growth of 0.6%(a).Gross profit in the third quarter
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Third quarter of 2022 net sales increased 12% versus the third quarter of 2021, with physical case volume growth of 0.6%(a).Gross profit in the third quarter of 2022 was $621 million, an increase of 20% versus the third quarter of 2021. Gross margin in the third quarter of 2022 improved by 260 basis points to 38.1%.Income from operations for the first nine months of 2022 was $468 million, up $116 million, or 33%, versus the first nine months of 2021. Key Results Third Quarter First Nine Months (in millions) 2022 2021 Change 2022 2021 ChangePhysical case volume 94.1 93.5 0.6% 277.9 276.9 0.4%Net sales$1,628.6 $1,457.4 11.7% $4,628.2 $4,160.4 11.2%Gross profit$621.1 $517.7 20.0% $1,679.3 $1,461.4 14.9%Gross margin 38.1% 35.5% 36.3% 35.1% Income from operations$189.9 $137.0 38.6% $468.2 $352.1 33.0% Beverage SalesThird Quarter First Nine Months (in millions) 2022 2021 Change 2022 2021 ChangeSparkling bottle/can$917.2 $773.5 18.6% $2,573.4 $2,221.4 15.8%Still bottle/can$548.3 $504.0 8.8% $1,556.4 $1,424.1 9.3% Third Quarter and First Nine Months 2022 Review CHARLOTTE, N.C., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter ended September 30, 2022 and the first nine months of fiscal 2022. “Our 2022 performance has been comprised of an outstanding mix of solid volume, improved margins and strong free cash flow generation. Our team’s highly effective execution across all aspects of our business has enabled us to continue to strengthen our balance sheet through debt reduction, reward and recognize our teammates and invest in and serve our communities like never before,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “We are optimistic about the remainder of 2022 as we are actively developing plans for another year of solid performance in 2023.” Net sales increased 12% to $1.63 billion in the third quarter of 2022, while physical case volume increased 0.6%. The increase in net sales was driven primarily by price increases taken on our Sparkling and Still beverages during the quarter and earlier this year. Sparkling beverage volume increased 0.8% in the quarter, outperforming the price elasticity we generally have experienced with higher pricing. Volume growth was particularly strong in our value, club and small store sales channels. We...