Coca-Cola Consolidated Reports Fourth Quarter and Fiscal Year 2024 Results
Coca-Cola Consolidated (NASDAQ: COKE) reported strong Q4 2024 results with net sales increasing 7.1% to $1.7 billion and fiscal year 2024 sales rising 3.7% to $6.9 billion. Q4 gross profit grew 8.8% to $697.9 million, with margins improving 70 basis points to 40%.
The company's Q4 2024 income from operations increased 22.6% to $218.7 million, while fiscal year 2024 operating income rose 10.3% to $920.4 million. Net income for Q4 2024 reached $178.9 million, up from $75.8 million in Q4 2023.
During 2024, the company invested over $370 million in capital expenditures, repurchased approximately $626 million of Common Stock, and increased its annualized regular dividend to $10 per share. The company expects capital expenditures of approximately $300 million for fiscal year 2025.
Coca-Cola Consolidated (NASDAQ: COKE) ha riportato risultati solidi per il quarto trimestre del 2024, con vendite nette in aumento del 7,1% a 1,7 miliardi di dollari e vendite per l'anno fiscale 2024 in crescita del 3,7% a 6,9 miliardi di dollari. Il profitto lordo del Q4 è aumentato dell'8,8% a 697,9 milioni di dollari, con margini che migliorano di 70 punti base al 40%.
Il reddito operativo dell'azienda per il quarto trimestre del 2024 è aumentato del 22,6% a 218,7 milioni di dollari, mentre il reddito operativo per l'anno fiscale 2024 è salito del 10,3% a 920,4 milioni di dollari. L'utile netto per il quarto trimestre del 2024 ha raggiunto 178,9 milioni di dollari, in aumento rispetto ai 75,8 milioni di dollari del Q4 2023.
Durante il 2024, l'azienda ha investito oltre 370 milioni di dollari in spese in conto capitale, ha riacquistato circa 626 milioni di dollari di azioni ordinarie e ha aumentato il suo dividendo regolare annualizzato a 10 dollari per azione. L'azienda prevede spese in conto capitale di circa 300 milioni di dollari per l'anno fiscale 2025.
Coca-Cola Consolidated (NASDAQ: COKE) reportó resultados sólidos para el cuarto trimestre de 2024, con ventas netas aumentando un 7.1% a 1.7 mil millones de dólares y ventas para el año fiscal 2024 creciendo un 3.7% a 6.9 mil millones de dólares. El beneficio bruto del Q4 creció un 8.8% a 697.9 millones de dólares, con márgenes que mejoraron 70 puntos básicos al 40%.
Los ingresos operativos de la compañía para el cuarto trimestre de 2024 aumentaron un 22.6% a 218.7 millones de dólares, mientras que el ingreso operativo para el año fiscal 2024 se elevó un 10.3% a 920.4 millones de dólares. La utilidad neta para el cuarto trimestre de 2024 alcanzó los 178.9 millones de dólares, un aumento respecto a los 75.8 millones de dólares en el Q4 de 2023.
Durante 2024, la empresa invirtió más de 370 millones de dólares en gastos de capital, recompró aproximadamente 626 millones de dólares en acciones ordinarias y aumentó su dividendo regular anualizado a 10 dólares por acción. La compañía espera gastos de capital de aproximadamente 300 millones de dólares para el año fiscal 2025.
코카콜라 컨솔리데이티드 (NASDAQ: COKE)는 2024년 4분기 실적을 발표했으며, 순매출이 7.1% 증가하여 17억 달러에 달했고, 2024 회계연도 매출은 3.7% 증가하여 69억 달러에 이르렀습니다. 4분기 총수익은 8.8% 증가하여 6억 9천 7백 90만 달러에 이르렀고, 마진은 40%로 70bp 개선되었습니다.
회사의 2024년 4분기 운영 수익은 22.6% 증가하여 2억 1천 8백 70만 달러에 도달했고, 2024 회계연도 운영 소득은 10.3% 증가하여 9억 2천 4백만 달러에 이르렀습니다. 2024년 4분기 순이익은 1억 7천 8백 90만 달러에 달했으며, 이는 2023년 4분기의 7천 5백 80만 달러에서 증가한 수치입니다.
2024년 동안 회사는 3억 7천만 달러 이상의 자본 지출에 투자했으며, 약 6억 2천 6백만 달러의 보통주를 재매입했으며, 연간 정기 배당금을 주당 10달러로 인상했습니다. 회사는 2025 회계연도에 약 3억 달러의 자본 지출을 예상하고 있습니다.
Coca-Cola Consolidated (NASDAQ: COKE) a annoncé de solides résultats pour le quatrième trimestre 2024, avec des ventes nettes en hausse de 7,1 % à 1,7 milliard de dollars et des ventes pour l'exercice 2024 en augmentation de 3,7 % à 6,9 milliards de dollars. Le bénéfice brut du Q4 a augmenté de 8,8 % pour atteindre 697,9 millions de dollars, avec des marges s'améliorant de 70 points de base à 40 %.
Le revenu d'exploitation de l'entreprise pour le quatrième trimestre 2024 a augmenté de 22,6 % pour atteindre 218,7 millions de dollars, tandis que le revenu d'exploitation pour l'exercice 2024 a augmenté de 10,3 % pour atteindre 920,4 millions de dollars. Le bénéfice net pour le quatrième trimestre 2024 a atteint 178,9 millions de dollars, contre 75,8 millions de dollars au quatrième trimestre 2023.
Au cours de l'année 2024, l'entreprise a investi plus de 370 millions de dollars en dépenses d'investissement, a racheté environ 626 millions de dollars d'actions ordinaires et a augmenté son dividende régulier annualisé à 10 dollars par action. L'entreprise prévoit des dépenses d'investissement d'environ 300 millions de dollars pour l'exercice 2025.
Coca-Cola Consolidated (NASDAQ: COKE) berichtete über starke Ergebnisse im 4. Quartal 2024, mit einem Anstieg des Nettoumsatzes um 7,1% auf 1,7 Milliarden Dollar und einem Anstieg des Umsatzes im Geschäftsjahr 2024 um 3,7% auf 6,9 Milliarden Dollar. Der Bruttogewinn im Q4 wuchs um 8,8% auf 697,9 Millionen Dollar, wobei die Margen um 70 Basispunkte auf 40% verbesserten.
Das Betriebsergebnis des Unternehmens im 4. Quartal 2024 stieg um 22,6% auf 218,7 Millionen Dollar, während das Betriebsergebnis für das Geschäftsjahr 2024 um 10,3% auf 920,4 Millionen Dollar anstieg. Der Nettogewinn für das 4. Quartal 2024 erreichte 178,9 Millionen Dollar, ein Anstieg von 75,8 Millionen Dollar im 4. Quartal 2023.
Im Jahr 2024 investierte das Unternehmen über 370 Millionen Dollar in Investitionsausgaben, kaufte etwa 626 Millionen Dollar an Stammaktien zurück und erhöhte die jährliche reguläre Dividende auf 10 Dollar pro Aktie. Das Unternehmen erwartet Investitionsausgaben von etwa 300 Millionen Dollar für das Geschäftsjahr 2025.
- Net sales increased 7.1% to $1.7 billion in Q4 2024
- Gross margin improved 70 basis points to 40%
- Q4 operating income grew 22.6% to $218.7 million
- Net income increased significantly from $75.8M to $178.9M in Q4
- Strong cash flow from operations at $876.4 million for FY2024
- Increased annual dividend to $10 per share
- Overall volume declined 0.6% in fiscal year 2024
- Still category volume decreased 6.4% in Q4 2024
- Management expects slower financial growth in 2025
- SD&A expenses increased 3.9% in fiscal year 2024
Insights
Coca-Cola Consolidated's Q4 2024 results reveal a company executing exceptionally well on multiple fronts. The 7.1% revenue growth to $1.7 billion in Q4 demonstrates strong pricing power and effective market execution, particularly noteworthy given the challenging consumer environment. The 70 basis point improvement in gross margin to 40% reflects successful cost management and strategic pricing initiatives.
Several key operational developments warrant attention. The shift in product mix toward higher-margin Sparkling beverages, combined with the strategic decision to modify Dasani water distribution at Walmart, indicates a deliberate focus on profitability over pure volume growth. The 0.8% growth in Sparkling category volume, driven by Zero calorie brands, aligns with evolving consumer preferences and suggests sustainable growth potential in this segment.
The company's capital allocation strategy demonstrates both operational confidence and shareholder focus. The $371 million in capital expenditures reflects substantial investment in supply chain optimization, while the $626 million in share repurchases and increased $10 per share annual dividend represent significant shareholder returns. The achievement of a 16.2% EBITDA margin - a multi-decade high - underscores the effectiveness of these strategic initiatives.
Looking ahead to 2025, management's commentary suggests a more moderate growth trajectory, but with continued focus on margin preservation and cash generation. The planned $300 million in capital expenditures for 2025 indicates sustained investment in operational capabilities while acknowledging a more measured approach to expansion.
- Fourth quarter of 2024 net sales increased
7% versus the fourth quarter of 2023. - Gross profit in the fourth quarter of 2024 was
$698 million , an increase of9% versus the fourth quarter of 2023. Gross margin in the fourth quarter of 2024 improved by 70 basis points(a) to40% . - Income from operations for the fourth quarter of 2024 was
$219 million , an increase of$40 million , or23% , versus the fourth quarter of 2023. For fiscal year 2024, income from operations increased$86 million to$920 million .
| Key Results | |||||||||||||||||||||
| Fourth Quarter | Fiscal Year | ||||||||||||||||||||
| (in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||
| Volume(1) | 89.7 | 88.5 | 1.3 | % | 353.1 | 355.4 | (0.6 | )% | |||||||||||||
| Net sales | $ | 1,746.5 | $ | 1,631.0 | 7.1 | % | $ | 6,899.7 | $ | 6,653.9 | 3.7 | % | |||||||||
| Gross profit | $ | 697.9 | $ | 641.5 | 8.8 | % | $ | 2,753.2 | $ | 2,598.7 | 5.9 | % | |||||||||
| Gross margin | 40.0 | % | 39.3 | % | 39.9 | % | 39.1 | % | |||||||||||||
| Income from operations | $ | 218.7 | $ | 178.5 | 22.6 | % | $ | 920.4 | $ | 834.5 | 10.3 | % | |||||||||
| Operating margin | 12.5 | % | 10.9 | % | 13.3 | % | 12.5 | % | |||||||||||||
| Beverage Sales | Fourth Quarter | Fiscal Year | |||||||||||||||||||
| (in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||
| Sparkling bottle/can | $ | 1,083.5 | $ | 1,006.1 | 7.7 | % | $ | 4,106.1 | $ | 3,892.1 | 5.5 | % | |||||||||
| Still bottle/can | $ | 531.3 | $ | 488.6 | 8.7 | % | $ | 2,227.2 | $ | 2,149.6 | 3.6 | % | |||||||||
| (1) Volume is measured on a standard physical case basis and is used to standardize differing package configurations delivered via direct store delivery (“DSD”). | |||||||||||||||||||||
Fourth Quarter and Fiscal Year 2024 Review
CHARLOTTE, N.C., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the fourth quarter and the fiscal year ended December 31, 2024.
“We are very pleased with our solid operating and financial performance in 2024 and thankful for the unwavering commitment of our 17,000 teammates who contributed to this success,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Our financial performance has enabled us to reinvest in our business for long-term growth while returning substantial cash to our stockholders. During 2024, we invested over
Net sales increased
Volume was up
In the second quarter of 2024, we shifted the distribution of casepack Dasani water sold in Walmart stores to a non-DSD method of distribution. As a result, these cases are not included in our 2024 reported case volume. The impact of this distribution change reduced our reported case volume by
Gross profit in the fourth quarter of 2024 was
“Our income from operations grew over
Selling, delivery and administrative (“SD&A”) expenses in the fourth quarter of 2024 increased
Income from operations in the fourth quarter of 2024 was
Net income in the fourth quarter of 2024 was
Net income in fiscal year 2024 was
Cash flows from operations for fiscal year 2024 were
(a) All comparisons are to the corresponding period in the prior year unless specified otherwise.
(b) The discussion of the operating results for the fourth quarter and the fiscal year ended December 31, 2024 includes selected non-GAAP financial information, such as “comparable” and “adjusted” results, EBITDA and EBITDA margin. The schedules in this news release reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures.
| CONTACTS: | |
| Brian K. Little (Media) | Scott Anthony (Investors) |
| Vice President, Corporate Communications Officer | Executive Vice President & Chief Financial Officer |
| (980) 378-5537 | (704) 557-4633 |
| Brian.Little@cokeconsolidated.com | Scott.Anthony@cokeconsolidated.com |
A PDF accompanying this release is available at: http://ml.globenewswire.com/Resource/Download/ea09211a-de6d-4215-9420-2bb43d2d7612
About Coca-Cola Consolidated, Inc.
Headquartered in Charlotte, N.C., Coca‑Cola Consolidated (NASDAQ: COKE) is the largest Coca‑Cola bottler in the United States. 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 approximately 60 million consumers. For over 122 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. Our Purpose is to honor God in all we do, to serve others, to pursue excellence and to grow profitably.
More information about the Company is available at www.cokeconsolidated.com. Follow Coca‑Cola Consolidated on Facebook, X, Instagram and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “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 (including due to inflation) or disruption, unavailability 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 product safety and sustainability, artificial ingredients, brand reputation and obesity; changes in government regulations related to nonalcoholic beverages, including regulations related to obesity, public health, artificial ingredients, recycling, sustainability and product safety; 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 in our best interest 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 information technology systems or our effective response to technology failures or cyberattacks on our third-party service providers’, business partners’, customers’, suppliers’ or other third parties’ information technology systems; unfavorable changes in the general economy; changes in trade policies, including the imposition of, or increase in, tariffs on imported goods; the concentration risks among our customers and suppliers; 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, 2023. 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 may be required by applicable law.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Fourth Quarter | Fiscal Year | |||||||||||||||
| (in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 1,746,495 | $ | 1,630,956 | $ | 6,899,716 | $ | 6,653,858 | ||||||||
| Cost of sales | 1,048,621 | 989,478 | 4,146,537 | 4,055,147 | ||||||||||||
| Gross profit | 697,874 | 641,478 | 2,753,179 | 2,598,711 | ||||||||||||
| Selling, delivery and administrative expenses | 479,125 | 463,011 | 1,832,829 | 1,764,260 | ||||||||||||
| Income from operations | 218,749 | 178,467 | 920,350 | 834,451 | ||||||||||||
| Interest expense (income), net | 3,997 | (3,684 | ) | 1,848 | (918 | ) | ||||||||||
| Other (income) expense, net | (31,279 | ) | 73,908 | 61,848 | 165,092 | |||||||||||
| Pension plan settlement expense | — | (4,300 | ) | — | 112,796 | |||||||||||
| Income before taxes | 246,031 | 112,543 | 856,654 | 557,481 | ||||||||||||
| Income tax expense | 67,083 | 36,707 | 223,529 | 149,106 | ||||||||||||
| Net income | $ | 178,948 | $ | 75,836 | $ | 633,125 | $ | 408,375 | ||||||||
| Basic net income per share: | ||||||||||||||||
| Common Stock | $ | 20.48 | $ | 8.09 | $ | 70.10 | $ | 43.56 | ||||||||
| Weighted average number of Common Stock shares outstanding | 7,733 | 8,369 | 8,035 | 8,369 | ||||||||||||
| Class B Common Stock | $ | 20.47 | $ | 8.09 | $ | 69.50 | $ | 43.56 | ||||||||
| Weighted average number of Class B Common Stock shares outstanding | 1,005 | 1,005 | 1,005 | 1,005 | ||||||||||||
| Diluted net income per share: | ||||||||||||||||
| Common Stock | $ | 20.46 | $ | 8.08 | $ | 69.94 | $ | 43.48 | ||||||||
| Weighted average number of Common Stock shares outstanding – assuming dilution | 8,745 | 9,384 | 9,053 | 9,392 | ||||||||||||
| Class B Common Stock | $ | 20.44 | $ | 8.08 | $ | 69.17 | $ | 43.40 | ||||||||
| Weighted average number of Class B Common Stock shares outstanding – assuming dilution | 1,012 | 1,015 | 1,018 | 1,023 | ||||||||||||
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| (in thousands) | December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 1,135,824 | $ | 635,269 | ||||
| Short-term investments | 301,210 | — | ||||||
| Trade accounts receivable, net | 552,979 | 539,873 | ||||||
| Other accounts receivable | 130,563 | 119,469 | ||||||
| Inventories | 330,395 | 321,932 | ||||||
| Prepaid expenses and other current assets | 96,331 | 88,585 | ||||||
| Total current assets | 2,547,302 | 1,705,128 | ||||||
| Property, plant and equipment, net | 1,505,267 | 1,320,563 | ||||||
| Right-of-use assets - operating leases | 112,351 | 122,708 | ||||||
| Leased property under financing leases, net | 3,138 | 4,785 | ||||||
| Other assets | 181,048 | 145,213 | ||||||
| Goodwill | 165,903 | 165,903 | ||||||
| Other identifiable intangible assets, net | 798,130 | 824,642 | ||||||
| Total assets | $ | 5,313,139 | $ | 4,288,942 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Current portion of debt | $ | 349,699 | $ | — | ||||
| Current portion of obligations under operating leases | 23,257 | 26,194 | ||||||
| Current portion of obligations under financing leases | 2,685 | 2,487 | ||||||
| Dividends payable | — | 154,666 | ||||||
| Accounts payable and accrued expenses | 937,528 | 907,987 | ||||||
| Total current liabilities | 1,313,169 | 1,091,334 | ||||||
| Deferred income taxes | 132,941 | 128,435 | ||||||
| Pension and postretirement benefit obligations and other liabilities | 918,061 | 927,113 | ||||||
| Noncurrent portion of obligations under operating leases | 92,362 | 102,271 | ||||||
| Noncurrent portion of obligations under financing leases | 2,346 | 5,032 | ||||||
| Long-term debt | 1,436,649 | 599,159 | ||||||
| Total liabilities | 3,895,528 | 2,853,344 | ||||||
| Equity: | ||||||||
| Stockholders’ equity | 1,417,611 | 1,435,598 | ||||||
| Total liabilities and equity | $ | 5,313,139 | $ | 4,288,942 | ||||
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Fiscal Year | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 633,125 | $ | 408,375 | ||||
| Depreciation expense, amortization of intangible assets and deferred proceeds, net | 193,791 | 176,966 | ||||||
| Fair value adjustment of acquisition related contingent consideration | 59,166 | 159,354 | ||||||
| Deferred income taxes | 2,529 | (49,021 | ) | |||||
| Pension plan settlement expense | — | 112,796 | ||||||
| Change in current assets and current liabilities | (3,774 | ) | 29,138 | |||||
| Change in noncurrent assets and noncurrent liabilities | (13,958 | ) | (35,090 | ) | ||||
| Other | 5,478 | 8,172 | ||||||
| Net cash provided by operating activities | $ | 876,357 | $ | 810,690 | ||||
| Cash Flows from Investing Activities: | ||||||||
| Additions to property, plant and equipment | $ | (371,015 | ) | $ | (282,304 | ) | ||
| Purchases and disposals of short-term investments | (296,035 | ) | — | |||||
| Other | (15,151 | ) | (13,046 | ) | ||||
| Net cash used in investing activities | $ | (682,201 | ) | $ | (295,350 | ) | ||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from bond issuance | $ | 1,200,000 | $ | — | ||||
| Payments related to share repurchases | (625,654 | ) | — | |||||
| Cash dividends paid | (185,635 | ) | (46,868 | ) | ||||
| Payments of acquisition related contingent consideration | (64,312 | ) | (28,208 | ) | ||||
| Debt issuance fees | (15,512 | ) | (340 | ) | ||||
| Other | (2,488 | ) | (2,303 | ) | ||||
| Net cash provided by (used in) financing activities | $ | 306,399 | $ | (77,719 | ) | |||
| Net increase in cash during period | $ | 500,555 | $ | 437,621 | ||||
| Cash at beginning of period | 635,269 | 197,648 | ||||||
| Cash at end of period | $ | 1,135,824 | $ | 635,269 | ||||
COMPARABLE AND NON-GAAP FINANCIAL MEASURES(c)
The following tables reconcile reported results (GAAP) to comparable and adjusted results (non-GAAP):
Results for the fourth quarter of 2024 include two additional selling days compared to the fourth quarter of 2023. Results for fiscal year 2024 include one additional selling day compared to fiscal year 2023. For comparison purposes, the estimated impact of the additional selling day(s) in the fourth quarter of 2024 and fiscal year 2024 have been excluded from our comparable(b) volume results.
| Fourth Quarter | Fiscal Year | |||||||||||||||||||||||
| (in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||
| Volume | 89.7 | 88.5 | 1.3 | % | 353.1 | 355.4 | (0.6 | )% | ||||||||||||||||
| Volume related to extra day(s) in fiscal period | (1.9 | ) | — | (1.0 | ) | — | ||||||||||||||||||
| Comparable volume | 87.8 | 88.5 | (0.9 | )% | 352.1 | 355.4 | (0.9 | )% | ||||||||||||||||
| Fourth Quarter 2024 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | ||||||||||||||||||
| Reported results (GAAP) | $ | 697,874 | $ | 479,125 | $ | 218,749 | $ | 246,031 | $ | 178,948 | $ | 20.48 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | (31,711 | ) | (23,937 | ) | (2.56 | ) | |||||||||||||||
| Fair value adjustments for commodity derivative instruments | 2,073 | (127 | ) | 2,200 | 2,200 | 1,656 | 0.19 | |||||||||||||||||
| Total reconciling items | 2,073 | (127 | ) | 2,200 | (29,511 | ) | (22,281 | ) | (2.37 | ) | ||||||||||||||
| Adjusted results (non-GAAP) | $ | 699,947 | $ | 478,998 | $ | 220,949 | $ | 216,520 | $ | 156,667 | $ | 18.11 | ||||||||||||
| Adjusted % Change vs. Fourth Quarter 2023 | 9.6 | % | 3.5 | % | 25.7 | % | ||||||||||||||||||
| Fourth Quarter 2023 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | ||||||||||||||||||
| Reported results (GAAP) | $ | 641,478 | $ | 463,011 | $ | 178,467 | $ | 112,543 | $ | 75,836 | $ | 8.09 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 73,316 | 55,047 | 5.87 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (2,737 | ) | (70 | ) | (2,667 | ) | (2,667 | ) | (2,009 | ) | (0.21 | ) | ||||||||||||
| Pension plan settlement expense | — | — | — | (4,300 | ) | (3,350 | ) | (0.36 | ) | |||||||||||||||
| Total reconciling items | (2,737 | ) | (70 | ) | (2,667 | ) | 66,349 | 49,688 | 5.30 | |||||||||||||||
| Adjusted results (non-GAAP) | $ | 638,741 | $ | 462,941 | $ | 175,800 | $ | 178,892 | $ | 125,524 | $ | 13.39 | ||||||||||||
| Fiscal Year 2024 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | ||||||||||||||||||
| Reported results (GAAP) | $ | 2,753,179 | $ | 1,832,829 | $ | 920,350 | $ | 856,654 | $ | 633,125 | $ | 70.10 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 59,166 | 44,493 | 4.92 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | 728 | (547 | ) | 1,275 | 1,275 | 959 | 0.11 | |||||||||||||||||
| Total reconciling items | 728 | (547 | ) | 1,275 | 60,441 | 45,452 | 5.03 | |||||||||||||||||
| Adjusted results (non-GAAP) | $ | 2,753,907 | $ | 1,832,282 | $ | 921,625 | $ | 917,095 | $ | 678,577 | $ | 75.13 | ||||||||||||
| Adjusted % Change vs. Fiscal Year 2023 | 6.0 | % | 4.0 | % | 10.3 | % | ||||||||||||||||||
| (in thousands) | Fiscal Year 2024 | |||
| Net income as reported (GAAP) | $ | 633,125 | ||
| Fair value adjustments for commodity derivative instruments | 1,275 | |||
| Interest expense, net | 1,848 | |||
| Other expense, net | 61,848 | |||
| Income tax expense | 223,529 | |||
| Depreciation expense, amortization of intangible assets and deferred proceeds, net | 193,791 | |||
| EBITDA (non-GAAP) | $ | 1,115,416 | ||
| EBITDA margin(d) | 16.2 | % | ||
| Fiscal Year 2023 | ||||||||||||||||||||||||
| (in thousands, except per share data) | Gross profit | SD&A expenses | Income from operations | Income before taxes | Net income | Basic net income per share | ||||||||||||||||||
| Reported results (GAAP) | $ | 2,598,711 | $ | 1,764,260 | $ | 834,451 | $ | 557,481 | $ | 408,375 | $ | 43.56 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 159,354 | 119,834 | 12.78 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (1,220 | ) | (2,281 | ) | 1,061 | 1,061 | 798 | 0.09 | ||||||||||||||||
| Pension plan settlement expense | — | — | — | 112,796 | 84,823 | 9.05 | ||||||||||||||||||
| Total reconciling items | (1,220 | ) | (2,281 | ) | 1,061 | 273,211 | 205,455 | 21.92 | ||||||||||||||||
| Adjusted results (non-GAAP) | $ | 2,597,491 | $ | 1,761,979 | $ | 835,512 | $ | 830,692 | $ | 613,830 | $ | 65.48 | ||||||||||||
(c) 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 of the financial statements with additional, meaningful financial information that should be considered, in addition to the measures reported in accordance with GAAP, 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.
(d) EBITDA margin is calculated as EBITDA divided by net sales.
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