Coca?Cola Consolidated Sees Hrowth in Q3 Earnings

11/7/19

By Sabrina Berndt, NC Biz News

Coca?Cola Consolidated, Inc., the largest Coca-Cola bottler in the United States, reported a 13.8 percent increase in its third quarter profit in a statement released after-market Tuesday.

The Charlotte-based company reported adjusted net income of $32.3 million, or $3.44 per share, up from net income of $27.8 million, or $2.97 per share in the same quarter a year ago. The results missed the consensus estimate of $3.56 per share according to Bloomberg data.

The company saw a 5.3 percent increase in third quarter revenue versus the same period last year, primarily due to a rise in volume, the company said. Revenue from sparkling beverages rose 6.1 percent, while still beverages revenue rose 9.4 percent, spurred by growth in the company’s sports drinks category.

“We have made great strides in evolving our product portfolio to respond to the changing tastes of our consumers and we are excited about the growth prospects of upcoming brand and package offerings,” said Dave Katz, president and chief operating officer.

Coca?Cola Consolidated makes, sells and distributes beverages in 14 states and the District of Columbia. Its shares closed at $266.70, up $1.50 Wednesday afternoon.

The filing can be found here.

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