Coca-Cola Consolidated, Inc. (NASDAQ: COKE) today reported
operating results for the second quarter and first half ended
July 2, 2021.
“Our strong 2021 operating results continued in the second
quarter as positive volume growth, solid price realization and
disciplined operating expense management drove our second quarter
operating income up 45% versus the prior year period,” said
J. Frank Harrison, III, Chairman and Chief Executive
Officer. “I am so thankful for our dedicated teammates, who execute
at an incredibly high level across every part of our business every
day. Despite all the challenges of the past year, they are working
hard to ensure we meet the needs of our customers and our
consumers. This strong execution and the resulting increased cash
flow are enabling us to reinvest in our teammates, reduce debt and
make strategic capital investments for the long-term health of the
business.”
Physical case volume increased 5.9% in the second quarter of
2021. Sparkling volume remained flat in the second quarter of 2021,
while Still volume increased 20.9%. The Still category growth
accelerated due to the re-openings of certain small stores and
accounts where our products are consumed on-premise. The Still
growth was driven primarily by BodyArmor, AHA and Monster brands.
Sales of multi-serve packages in larger retail stores remained very
strong, while single-serve sales improved in small stores and other
immediate consumption channels. Physical case volume in the first
half of 2021 increased 5.3%.
Revenue increased 16.8% in the second quarter of 2021 driven by
the significant increase in sales of Still beverages, which
generally carry a higher selling price per case than Sparkling
beverages. The re-opening of certain small store and other
immediate consumption channels helped drive the growth in Still
beverages as these channels have a higher mix of Still beverages
than take-home outlets. In addition, the increase in revenue was
driven by price realization on most Sparkling packages. Sales of
multi-serve PET packages were especially strong in the quarter as
we adjusted our commercial plans to emphasize these packages to
complement our assortment of multi-serve can products in take-home
outlets. Sales growth in on-premise channels is now outpacing
take-home channels, but we continue to see strong demand for future
consumption packages. Revenue from fountain syrup, which is
primarily sold through restaurants, convenience stores, amusement
parks, and other on-premise outlets, increased $20.8 million,
or 92.4%, during the second quarter of 2021 as these outlets began
to operate at higher levels of capacity. For the first half of
2021, revenue increased $302.7 million, or 12.6%.
Gross profit in the second quarter of 2021 increased
$65.6 million, or 15.3%, while gross margin decreased
50 basis points to 34.5%. The improvement in gross profit was
primarily due to strong volume growth in our Still category and
price realization within our Sparkling category. The decline in
gross margin was driven primarily by the increased mix of Still
beverages, which generally carry lower gross margins than Sparkling
packages. In the first half of 2021, we experienced increases in
our major input costs, including aluminum, PET resin and high
fructose corn syrup, and we expect elevated prices to continue
through the balance of the year. We currently plan to pass along
price increases to our customers in the third quarter of this year
in an effort to offset this cost pressure. Gross profit in the
first half of 2021 increased $109.0 million, or 13.1%.
“Our second quarter results were incredibly strong, especially
considering the current operating environment of rising commodity
costs, labor shortages for many of our front line positions and
challenges with some inbound manufacturing inputs,” said Dave Katz,
President and Chief Operating Officer. “Our strong sales growth of
17% in the second quarter reflects our success in executing key
brand strategies that include Coca-Cola Zero Sugar, BodyArmor, AHA
and smartwater. We are focused on executing with excellence across
our business as consumer activity gains momentum in channels that
were closed or severely restricted by COVID protocols.”
Selling, delivery and administrative (“SD&A”) expenses in
the second quarter of 2021 increased $27.9 million, or 8.1%.
SD&A expenses as a percentage of net sales decreased
210 basis points in the second quarter of 2021. The increase
in SD&A expenses related primarily to an increase in labor
costs as compared to the second quarter of 2020. As channels of
business and local economies have re-opened compared to the prior
year period, our labor expenses have increased. SD&A expenses
in the first half of 2021 increased $9.9 million, or 1.4%.
SD&A expenses as a percentage of net sales in the first half of
2021 decreased 290 basis points as compared to the first half of
2020.
“We are tightly managing our operating expenses while also
taking actions to attract, reward and retain our front line
teammates in this challenging labor environment. We continue to
invest in our people to ensure our wages, benefits and career
opportunities are competitive and we are viewed as an employer of
choice in the marketplace,” Mr. Katz continued. “We remain
optimistic about the balance of 2021 as we increase pricing on key
packages to offset rising input costs, execute against a robust
commercial calendar and continue to drive efficiencies throughout
our operations.”
Income from operations in the second quarter of 2021 was
$120.9 million, compared to $83.1 million in the second
quarter of 2020, an increase of 45.4%. On an adjusted(d) basis,
income from operations in the second quarter of 2021 was
$120.7 million, an increase of 47.8%. For the first half of
2021, income from operations increased $99.1 million to
$215.0 million.
Net income in the second quarter of 2021 was $48.2 million,
compared to $39.6 million in the second quarter of 2020, an
improvement of $8.6 million. Net income in the second quarter
of 2021 was adversely impacted by fair value adjustments to our
acquisition related contingent consideration liability, driven
primarily by changes in future cash flow projections. Fair value
adjustments to this liability are routine and non-cash in nature.
Income tax expense in the second quarter of 2021 was
$17.3 million, compared to $15.2 million in the second
quarter of 2020. Net income increased $47.3 million in the
first half of 2021 to $101.5 million as compared to the first
half of 2020.
Cash flows provided by operations for the first half of 2021
were $271.4 million, compared to $229.0 million for the
first half of 2020. The significant increase in operating cash
flows for the first half of 2021 was a result of our strong
operating performance. The Company reduced outstanding indebtedness
by $162 million during the first half of 2021. We remain
focused on the effective management of our working capital and
continue to invest in long-term strategic projects to optimize our
supply chain and better serve our customers.
(a) |
All comparisons are to the corresponding period in the prior year
unless specified otherwise. |
(b) |
The first half of 2021 included
one additional selling day compared to the first half of 2020. We
do not believe the additional selling day had a material impact on
our financial results. |
(c) |
Fountain syrups are dispensed
through equipment that mixes with carbonated or still water,
enabling fountain retailers to sell finished products to consumers
in cups or glasses. |
(d) |
The discussion of the results for
the second quarter and first half ended July 2, 2021 includes
selected non-GAAP financial information, such as “adjusted”
results. The schedules in this news release reconcile such non-GAAP
financial measures to the most directly comparable GAAP financial
measures. |
About Coca-Cola Consolidated, Inc.
Coca-Cola Consolidated is the largest Coca-Cola bottler in the
United States. Our Purpose is to honor God in all we do, serve
others, pursue excellence and grow profitably. For over
119 years, we have been deeply committed to the consumers,
customers and communities we serve and passionate about the broad
portfolio of beverages and services we offer. We make, sell and
distribute beverages of The Coca-Cola Company and other
partner companies in more than 300 brands and flavors across
14 states and the District of Columbia to over 66 million
consumers.
Headquartered in Charlotte, N.C., Coca-Cola Consolidated is
traded on the NASDAQ Global Select Market under the symbol COKE.
More information about the Company is available
at www.cokeconsolidated.com. Follow Coca-Cola Consolidated
on Facebook, Twitter, Instagram and LinkedIn.
Cautionary Information Regarding Forward-Looking
Statements
Certain statements contained in this news release are
“forward-looking statements” that involve risks and uncertainties.
The words “anticipate,” “believe,” “expect,” “project,” “may,”
“will,” “should,” “could” and similar expressions are intended to
identify those forward-looking statements. These forward-looking
statements reflect the Company’s best judgment based on current
information, and, although we base these statements on
circumstances that we believe to be reasonable when made, there can
be no assurance that future events will not affect the accuracy of
such forward-looking information. As such, the forward-looking
statements are not guarantees of future performance, and actual
results may vary materially from the projected results and
expectations discussed in this news release. Factors that might
cause the Company’s actual results to differ materially from those
anticipated in forward-looking statements include, but are not
limited to: increased costs, disruption of supply or shortages of
raw materials, fuel and other supplies; the reliance on purchased
finished products from external sources; changes in public and
consumer perception and preferences, including concerns related to
obesity, artificial ingredients, product safety and sustainability
and brand reputation; changes in government regulations related to
nonalcoholic beverages, including regulations related to obesity,
public health, artificial ingredients and product safety and
sustainability; the COVID-19 pandemic and other pandemic outbreaks
in the future; decreases from historic levels of marketing funding
support provided to us by The Coca‑Cola Company and other
beverage companies; material changes in the performance
requirements for marketing funding support or our inability to meet
such requirements; decreases from historic levels of advertising,
marketing and product innovation spending by
The Coca‑Cola Company and other beverage companies, or
advertising campaigns that are negatively perceived by the public;
any failure of the several Coca‑Cola system governance entities of
which we are a participant to function efficiently or on our best
behalf and any failure or delay of ours to receive anticipated
benefits from these governance entities; provisions in our beverage
distribution and manufacturing agreements with
The Coca‑Cola Company that could delay or prevent a
change in control of us or a sale of our Coca‑Cola distribution or
manufacturing businesses; the concentration of our capital stock
ownership; our inability to meet requirements under our beverage
distribution and manufacturing agreements; changes in the inputs
used to calculate our acquisition related contingent consideration
liability; technology failures or cyberattacks on our technology
systems or our effective response to technology failures or
cyberattacks on our customers’, suppliers’ or other third parties’
technology systems; unfavorable changes in the general economy;
changes in our top customer relationships and marketing strategies;
lower than expected net pricing of our products resulting from
continued and increased customer and competitor consolidations and
marketplace competition; the effect of changes in our level of
debt, borrowing costs and credit ratings on our access to capital
and credit markets, operating flexibility and ability to obtain
additional financing to fund future needs; the failure to attract,
train and retain qualified employees while controlling labor costs,
and other labor issues; the failure to maintain productive
relationships with our employees covered by collective bargaining
agreements, including failing to renegotiate collective bargaining
agreements; changes in accounting standards; our use of estimates
and assumptions; changes in tax laws, disagreements with tax
authorities or additional tax liabilities; changes in legal
contingencies; natural disasters, changing weather patterns and
unfavorable weather; and climate change or legislative or
regulatory responses to such change. These and other factors are
discussed in the Company’s regulatory filings with the United
States Securities and Exchange Commission, including those in “Item
1A. Risk Factors” of the Company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2020. The forward-looking
statements contained in this news release speak only as of this
date, and the Company does not assume any obligation to update
them, except as required by applicable law.
FINANCIAL STATEMENTSCONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
|
Second Quarter |
|
First Half |
(in
thousands, except per share data) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net sales |
|
$ |
1,433,086 |
|
|
$ |
1,227,215 |
|
|
$ |
2,702,943 |
|
|
$ |
2,400,236 |
|
Cost of sales |
|
938,146 |
|
|
797,914 |
|
|
1,759,300 |
|
|
1,565,640 |
|
Gross profit |
|
494,940 |
|
|
429,301 |
|
|
943,643 |
|
|
834,596 |
|
Selling, delivery and
administrative expenses |
|
374,079 |
|
|
346,183 |
|
|
728,598 |
|
|
718,657 |
|
Income from operations |
|
120,861 |
|
|
83,118 |
|
|
215,045 |
|
|
115,939 |
|
Interest expense, net |
|
8,365 |
|
|
9,184 |
|
|
17,111 |
|
|
18,745 |
|
Other expense, net |
|
47,041 |
|
|
16,134 |
|
|
59,096 |
|
|
18,432 |
|
Income before income
taxes |
|
65,455 |
|
|
57,800 |
|
|
138,838 |
|
|
78,762 |
|
Income tax expense |
|
17,275 |
|
|
15,187 |
|
|
37,295 |
|
|
20,548 |
|
Net income |
|
48,180 |
|
|
42,613 |
|
|
101,543 |
|
|
58,214 |
|
Less: Net income attributable
to noncontrolling interest |
|
— |
|
|
3,044 |
|
|
— |
|
|
3,983 |
|
Net income
attributable to Coca‑Cola Consolidated, Inc. |
|
$ |
48,180 |
|
|
$ |
39,569 |
|
|
$ |
101,543 |
|
|
$ |
54,231 |
|
|
|
|
|
|
|
|
|
|
Basic net income per
share based on net income attributable to Coca‑Cola Consolidated,
Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
5.14 |
|
|
$ |
4.23 |
|
|
$ |
10.83 |
|
|
$ |
5.79 |
|
Weighted average number of
Common Stock shares outstanding |
|
7,141 |
|
|
7,141 |
|
|
7,141 |
|
|
7,141 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
5.14 |
|
|
$ |
4.23 |
|
|
$ |
10.83 |
|
|
$ |
5.79 |
|
Weighted average number of
Class B Common Stock shares outstanding |
|
2,232 |
|
|
2,232 |
|
|
2,232 |
|
|
2,232 |
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share based on net income attributable to Coca‑Cola Consolidated,
Inc.: |
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
5.12 |
|
|
$ |
4.19 |
|
|
$ |
10.79 |
|
|
$ |
5.74 |
|
Weighted average number of
Common Stock shares outstanding – assuming dilution |
|
9,407 |
|
|
9,440 |
|
|
9,407 |
|
|
9,440 |
|
|
|
|
|
|
|
|
|
|
Class B Common Stock |
|
$ |
5.12 |
|
|
$ |
4.18 |
|
|
$ |
10.79 |
|
|
$ |
5.73 |
|
Weighted average number of
Class B Common Stock shares outstanding – assuming dilution |
|
2,266 |
|
|
2,299 |
|
|
2,266 |
|
|
2,299 |
|
FINANCIAL STATEMENTSCONDENSED
CONSOLIDATED BALANCE
SHEETS(UNAUDITED)
(in
thousands) |
|
July 2, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
54,204 |
|
|
$ |
54,793 |
|
Trade accounts receivable,
net |
|
465,566 |
|
|
403,825 |
|
Other accounts receivable |
|
84,849 |
|
|
86,287 |
|
Inventories |
|
237,823 |
|
|
225,757 |
|
Prepaid expenses and other
current assets |
|
76,323 |
|
|
74,146 |
|
Assets held for sale |
|
8,104 |
|
|
6,429 |
|
Total current assets |
|
926,869 |
|
|
851,237 |
|
Property, plant and equipment,
net |
|
1,020,293 |
|
|
1,022,722 |
|
Right-of-use assets -
operating leases |
|
131,533 |
|
|
134,383 |
|
Leased property under
financing leases, net |
|
67,039 |
|
|
69,867 |
|
Other assets |
|
117,252 |
|
|
111,781 |
|
Goodwill |
|
165,903 |
|
|
165,903 |
|
Other identifiable intangible
assets, net |
|
853,409 |
|
|
866,557 |
|
Total assets |
|
$ |
3,282,298 |
|
|
$ |
3,222,450 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Current portion of obligations
under operating leases |
|
$ |
19,956 |
|
|
$ |
19,766 |
|
Current portion of obligations
under financing leases |
|
5,959 |
|
|
5,860 |
|
Accounts payable and accrued
expenses |
|
718,037 |
|
|
621,434 |
|
Total current liabilities |
|
743,952 |
|
|
647,060 |
|
Deferred income taxes |
|
142,596 |
|
|
139,423 |
|
Pension and postretirement
benefit obligations and other liabilities |
|
821,456 |
|
|
792,605 |
|
Noncurrent portion of
obligations under operating leases |
|
116,039 |
|
|
119,923 |
|
Noncurrent portion of
obligations under financing leases |
|
67,517 |
|
|
69,984 |
|
Long-term debt |
|
778,236 |
|
|
940,465 |
|
Total liabilities |
|
2,669,796 |
|
|
2,709,460 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Stockholders’ equity |
|
612,502 |
|
|
512,990 |
|
Total liabilities and equity |
|
$ |
3,282,298 |
|
|
$ |
3,222,450 |
|
FINANCIAL STATEMENTSCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
First Half |
(in
thousands) |
|
2021 |
|
2020 |
Cash Flows from Operating Activities: |
|
|
|
|
Net income |
|
$ |
101,543 |
|
|
$ |
58,214 |
|
Depreciation expense,
amortization of intangible assets and deferred proceeds, net |
|
87,883 |
|
|
86,396 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
56,981 |
|
|
15,260 |
|
Deferred income taxes |
|
2,293 |
|
|
21,670 |
|
Change in current assets and
current liabilities |
|
24,332 |
|
|
20,935 |
|
Change in noncurrent assets
and noncurrent liabilities |
|
(7,853 |
) |
|
23,268 |
|
Other |
|
6,206 |
|
|
3,260 |
|
Net cash provided by
operating activities |
|
$ |
271,385 |
|
|
$ |
229,003 |
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
Additions to property, plant
and equipment |
|
$ |
(80,308 |
) |
|
$ |
(72,886 |
) |
Other |
|
(2,044 |
) |
|
182 |
|
Net cash used in
investing activities |
|
$ |
(82,352 |
) |
|
$ |
(72,704 |
) |
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
Payments on revolving credit
facility and term loan facility |
|
$ |
(217,500 |
) |
|
$ |
(295,000 |
) |
Borrowings under revolving
credit facility |
|
55,000 |
|
|
235,000 |
|
Payments of acquisition
related contingent consideration |
|
(19,920 |
) |
|
(20,531 |
) |
Cash dividends paid |
|
(4,687 |
) |
|
(4,686 |
) |
Principal payments on
financing lease obligations |
|
(2,368 |
) |
|
(3,001 |
) |
Debt issuance fees |
|
(147 |
) |
|
(145 |
) |
Net cash used in
financing activities |
|
$ |
(189,622 |
) |
|
$ |
(88,363 |
) |
|
|
|
|
|
Net increase (decrease) in
cash during period |
|
$ |
(589 |
) |
|
$ |
67,936 |
|
Cash at beginning of
period |
|
54,793 |
|
|
9,614 |
|
Cash at end of
period |
|
$ |
54,204 |
|
|
$ |
77,550 |
|
NON-GAAP FINANCIAL MEASURES(e)
The following tables reconcile reported results (GAAP) to
adjusted results (non-GAAP):
|
|
Second Quarter 2021 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
494,940 |
|
|
$ |
374,079 |
|
|
$ |
120,861 |
|
|
$ |
65,455 |
|
|
$ |
48,180 |
|
|
$ |
5.14 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
45,983 |
|
|
34,487 |
|
|
3.67 |
|
Fair value adjustments for
commodity derivative instruments |
|
(2,128 |
) |
|
505 |
|
|
(2,633 |
) |
|
(2,633 |
) |
|
(1,975 |
) |
|
(0.21 |
) |
Supply chain optimization |
|
1,828 |
|
|
(652 |
) |
|
2,480 |
|
|
2,480 |
|
|
1,860 |
|
|
0.20 |
|
Total reconciling
items |
|
(300 |
) |
|
(147 |
) |
|
(153 |
) |
|
45,830 |
|
|
34,372 |
|
|
3.66 |
|
Adjusted results
(non-GAAP) |
|
$ |
494,640 |
|
|
$ |
373,932 |
|
|
$ |
120,708 |
|
|
$ |
111,285 |
|
|
$ |
82,552 |
|
|
$ |
8.80 |
|
Adjusted % change vs. Q2 2020 |
|
15.4 |
% |
|
7.8 |
% |
|
47.8 |
% |
|
|
|
Second Quarter 2020 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
429,301 |
|
|
$ |
346,183 |
|
|
$ |
83,118 |
|
|
$ |
57,800 |
|
|
$ |
39,569 |
|
|
$ |
4.23 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
14,548 |
|
|
10,941 |
|
|
1.16 |
|
Fair value adjustments for
commodity derivative instruments |
|
(1,266 |
) |
|
805 |
|
|
(2,071 |
) |
|
(2,071 |
) |
|
(1,557 |
) |
|
(0.17 |
) |
Supply chain optimization |
|
671 |
|
|
30 |
|
|
641 |
|
|
641 |
|
|
482 |
|
|
0.05 |
|
Total reconciling
items |
|
(595 |
) |
|
835 |
|
|
(1,430 |
) |
|
13,118 |
|
|
9,866 |
|
|
1.04 |
|
Adjusted results
(non-GAAP) |
|
$ |
428,706 |
|
|
$ |
347,018 |
|
|
$ |
81,688 |
|
|
$ |
70,918 |
|
|
$ |
49,435 |
|
|
$ |
5.27 |
|
|
|
First Half 2021 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
943,643 |
|
|
$ |
728,598 |
|
|
$ |
215,045 |
|
|
$ |
138,838 |
|
|
$ |
101,543 |
|
|
$ |
10.83 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
56,981 |
|
|
42,736 |
|
|
4.56 |
|
Fair value adjustments for
commodity derivative instruments |
|
(2,416 |
) |
|
1,065 |
|
|
(3,481 |
) |
|
(3,481 |
) |
|
(2,611 |
) |
|
(0.28 |
) |
Supply chain and asset
optimization |
|
2,104 |
|
|
(758 |
) |
|
2,862 |
|
|
2,862 |
|
|
2,147 |
|
|
0.23 |
|
Total reconciling
items |
|
(312 |
) |
|
307 |
|
|
(619 |
) |
|
56,362 |
|
|
42,272 |
|
|
4.51 |
|
Adjusted results
(non-GAAP) |
|
$ |
943,331 |
|
|
$ |
728,905 |
|
|
$ |
214,426 |
|
|
$ |
195,200 |
|
|
$ |
143,815 |
|
|
$ |
15.34 |
|
Adjusted % change vs. 1H 2020 |
|
12.8 |
% |
|
1.6 |
% |
|
81.0 |
% |
|
|
|
First Half 2020 |
(in
thousands, except per share data) |
|
Gross profit |
|
SD&A expenses |
|
Income from operations |
|
Income before income taxes |
|
Net income |
|
Basic net income per share |
Reported results (GAAP) |
|
$ |
834,596 |
|
|
$ |
718,657 |
|
|
$ |
115,939 |
|
|
$ |
78,762 |
|
|
$ |
54,231 |
|
|
$ |
5.79 |
|
Fair value adjustment of
acquisition related contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
15,260 |
|
|
11,476 |
|
|
1.22 |
|
Fair value adjustments for
commodity derivative instruments |
|
270 |
|
|
(1,524 |
) |
|
1,794 |
|
|
1,794 |
|
|
1,349 |
|
|
0.14 |
|
Supply chain and asset
optimization |
|
1,319 |
|
|
601 |
|
|
718 |
|
|
718 |
|
|
540 |
|
|
0.06 |
|
Total reconciling
items |
|
1,589 |
|
|
(923 |
) |
|
2,512 |
|
|
17,772 |
|
|
13,365 |
|
|
1.42 |
|
Adjusted results
(non-GAAP) |
|
$ |
836,185 |
|
|
$ |
717,734 |
|
|
$ |
118,451 |
|
|
$ |
96,534 |
|
|
$ |
67,596 |
|
|
$ |
7.21 |
|
(e) |
The Company reports its financial results in accordance with
accounting principles generally accepted in the United States
(“GAAP”). However, management believes that certain non-GAAP
financial measures provide users with additional meaningful
financial information that should be considered when assessing the
Company’s ongoing performance. Management also uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating the Company’s performance. Non-GAAP
financial measures should be viewed in addition to, and not as an
alternative for, the Company’s reported results prepared in
accordance with GAAP. The Company’s non-GAAP financial information
does not represent a comprehensive basis of accounting. |
MEDIA CONTACT: |
INVESTOR CONTACT: |
Kimberly Kuo |
Scott Anthony |
Senior Vice President Public
Affairs,Communications & Communities |
Executive Vice President&
Chief Financial Officer |
Kimberly.Kuo@cokeconsolidated.com |
Scott.Anthony@cokeconsolidated.com |
(704) 557-4584 |
(704) 557-4633 |
A PDF accompanying this release is available
at: http://ml.globenewswire.com/Resource/Download/9432606d-03a3-4d5d-8bc9-0816bda53b80
Coca Cola Consolidated (NASDAQ:COKE)
過去 株価チャート
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Coca Cola Consolidated (NASDAQ:COKE)
過去 株価チャート
から 4 2023 まで 4 2024