Coca-Cola Consolidated Q3 net sales up 5% to $1.71B; operating income up 14%; net debt free for first time in 40 years

Coca-Cola Consolidated, Inc.

Q3 net sales $1.71B (+5% YoY); operating income $216M (+14% YoY); adjusted net income $164M vs $139M.
Achieved net debt free status (cash > debt) for first time in ~40 years.
Sparkling volume flat, Still volume down 5.4%; introduced Bang Energy into portfolio.
Expect sales growth to slow in Q4 as fully cycle 2022 price increases; FY 2023 capex guidance $250-300M.
Recorded non-cash pension settlement charge of $77.3M in Q3 ($117.1M YTD) impacting GAAP net income.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Coca-Cola Consolidated, Inc. reported the third quarter ended September 29, 2023 results: revenue $1,712.4, net income $92.1 million.

Period: the third quarter ended September 29, 2023
Revenue: $1,712.4
Net income: $92.1 million
Result: reported results

Exact text from the filing

Key Results Third Quarter First Nine Months (in millions) 2023 2022 Change 2023 2022 Change Standard 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%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Coca-Cola Consolidated, Inc. reported the first nine months of fiscal 2023 results: revenue $5,022.9.

Period: the first nine months of fiscal 2023
Revenue: $5,022.9
Result: reported results

Exact text from the filing

Quarter First Nine Months (in millions) 2023 2022 Change 2023 2022 Change Standard 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%

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Coca-Cola Consolidated, Inc. filing history →

Source: SEC EDGAR

accession 0000317540-23-000048

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