Coke Consolidated Q1 op income up 5%; announces $3.1B share repurchase with tender offer $850-$925

Coca-Cola Consolidated, Inc.

Q1 net sales $1.592B (+1.3%), operating income $215.4M (+4.5%), net income $165.7M vs $118.1M.
Gross margin improved 50bps to 40.2%; Sparkling bottle/can sales rose 3.4% to $952M.
Intends to repurchase up to $3.1B of common stock: $2.0B Dutch auction tender offer at $850-$925/share.
Separate purchase agreement with Coca-Cola subsidiary to reduce ownership to 21.5% after repurchase.
Tender offer expected to launch May 20, 2024; J. Frank Harrison III will not tender shares.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Coca-Cola Consolidated, Inc. reported first quarter ended March 29, 2024 results: revenue $1,591.6 (in millions), net income $165.7 million. Guidance reaffirmed.

Period: first quarter ended March 29, 2024
Revenue: $1,591.6 (in millions)
Net income: $165.7 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Key Results First Quarter (in millions) 2024 2023 Change Standard physical case volume 82.1 82.5 (0.4)% Comparable standard physical case volume (1) 82.1 81.5 0.7% Net sales $1,591.6 $1,571.6 1.3% Gross profit $640.6 $624.1 2.6% Gross margin 40.2 % 39.7 % Income from operations $215.4 $206.1 4.5% Operating margin 13.5 % 13.1 % Beverage Sales First Quarter (in

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Source: SEC EDGAR

accession 0000317540-24-000030

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