Business
Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2024 Results
Third quarter of 2024 net sales increased 3% versus the third quarter of 2023.Gross profit in the third quarter of 2024 was $698 million, an increase of 5.5%
About this update from Coca-cola Consolidated, Inc.
[{"type":"text","content":"Third quarter of 2024 net sales increased 3% versus the third quarter of 2023.Gross profit in the third quarter of 2024 was $698 million, an increase of 5.5% versus the third quarter of 2023. Gross margin in the third quarter of 2024 improved by 90 basis points(a) to 39.5%.Income from operations for the third quarter of 2024 was $227 million, an increase of $11 million, or 5%, versus the third quarter of 2023. Operating margin for the third quarter of 2024 was 12.9% as compared to 12.6% for the third quarter of 2023, an increase of 30 basis points. Key Results Third Quarter First Nine Months (in millions) 2024 2023 Change 2024 2023 ChangeStandard physical case volume 89.9 91.8 (2.1)% 263.4 266.8 (1.3)%Net sales $1,765.7 $1,712.4 3.1% $5,153.2 $5,022.9 2.6%Gross profit $698.0 $661.6 5.5% $2,055.3 $1,957.2 5.0%Gross margin 39.5% 38.6% 39.9% 39.0% Income from operations $227.1 $216.3 5.0% $701.6 $656.0 7.0%Operating margin 12.9% 12.6% 13.6% 13.1% Beverage Sales Third Quarter First Nine Months (in millions) 2024 2023 Change 2024 2023 ChangeSparkling bottle/can $1,034.7 $977.7 5.8% $3,025.9 $2,892.1 4.6%Still bottle/can $585.5 $576.0 1.7% $1,694.7 $1,660.5 2.1% Third Quarter and First Nine Months 2024 Review CHARLOTTE, N.C., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter ended September 27, 2024 and the first nine months of fiscal 2024. “Our third quarter results reflect our steady focus on the operating fundamentals of our business. Strong commercial execution against our world class beverage portfolio, disciplined expense management and building on our purpose-driven culture are at the core of what we do every day,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Our continued solid growth is a testament to the dedication of our teammates and our commitment to reinvest in our business to build long-term value.” “While we are pleased with our operating results, our teammates and the communities we serve in Western North Carolina and Eastern Tennessee have suffered incredible loss as a result of Hurricane Helene,” Mr. Harrison continued. “Supporting our local communities is foundational to our culture and our Company. We are actively supporting the impacted areas as we partner with relief organizations to help our teammates, cust...