Business
Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2023 Results
Third quarter of 2023 net sales increased 5% versus the third quarter of 2022.Income from operations for the third quarter of 2023 was $216 million, up $26
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Third quarter of 2023 net sales increased 5% versus the third quarter of 2022.Income from operations for the third quarter of 2023 was $216 million, up $26 million, or 14%, versus the third quarter of 2022.Income from operations for the first nine months of 2023 was $656 million, up $188 million, or 40%, versus the first nine months of 2022. Operating margin for the first nine months of 2023 was 13.1% as compared to 10.1% for the first nine months of 2022, an increase of 300 basis points. Key Results Third Quarter First Nine Months(in millions) 2023 2022 Change 2023 2022 ChangeStandard physical case volume(1) 91.8 93.1 (1.4)% 266.8 274.6 (2.8)%Net sales $1,712.4 $1,628.6 5.1% $5,022.9 $4,628.2 8.5%Gross profit $661.6 $621.1 6.5% $1,957.2 $1,679.3 16.5%Gross margin 38.6% 38.1% 39.0% 36.3% Income from operations $216.3 $189.9 13.9% $656.0 $468.2 40.1%Operating margin 12.6% 11.7% 13.1% 10.1% Beverage Sales Third Quarter First Nine Months(in millions) 2023 2022 Change 2023 2022 ChangeSparkling bottle/can $977.7 $917.2 6.6% $2,892.1 $2,573.4 12.4%Still bottle/can $576.0 $548.3 5.0% $1,660.5 $1,556.4 6.7% (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. Third Quarter and First Nine Months 2023 Review CHARLOTTE, N.C., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter ended September 29, 2023 and the first nine months of fiscal 2023. “I am pleased to report another solid quarter of operating performance as we continue to leverage the benefits of our strong brands, disciplined pricing and overall operating expense management,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “While our profit growth in the third quarter moderated, as expected, our overall results this year are the strongest in our history. We also achieved a significant milestone in our balance sheet management this quarter, as our cash on hand exceeded our outstanding debt balance, making us net debt free for the first time in almost 40 years.” Net sales increased 5% to $1.71 billion in the third quarter of 2023(a) and increased 9% to $5.02 billion in the first nine months of 2023. Our net sales growth moderated during the third quarter from levels achieved in t...