Coca-Cola Consolidated Reports Second Quarter and First Half 2024 Results

Rhea-AI Summary

Coca-Cola Consolidated (NASDAQ: COKE) reported strong Q2 2024 results, with net sales increasing 3.3% to $1.8 billion and gross profit rising 6.7% to $716.7 million. The company's gross margin improved by 130 basis points to 39.9%, while income from operations grew 10.9% to $259.1 million. Key highlights include:

- Sparkling and Still net sales increased 4.4% and 4.2% respectively
- Standard physical case volume decreased 1.2%
- Operating margin improved to 14.4% from 13.4% in Q2 2023
- Net income rose to $172.8 million, up from $122.3 million in Q2 2023

The company attributes its success to pricing actions, margin management, and operating efficiency. Coca-Cola Consolidated also made progress in building long-term value for stockholders through significant share repurchases.

Positive

• Net sales increased 3.3% to $1.8 billion in Q2 2024
• Gross profit rose 6.7% to $716.7 million with margin improving 130 basis points to 39.9%
• Income from operations grew 10.9% to $259.1 million
• Operating margin improved to 14.4% from 13.4% in Q2 2023
• Net income increased to $172.8 million from $122.3 million in Q2 2023
• Cash flows from operations improved to $437.1 million in H1 2024

Negative

• Standard physical case volume decreased 1.2% in Q2 2024
• Still category physical case volume declined 3.5% during Q2 2024
• Softness observed in Dasani casepack water and BODYARMOR brands

Financial Analyst

Coca-Cola Consolidated's Q2 2024 results demonstrate robust financial performance, with several key metrics showing improvement. Net sales increased by 3.3% to $1.8 billion, driven primarily by pricing actions taken in Q1 2024. The company's focus on margin management is evident, with gross profit rising 6.7% to $716.7 million and gross margin improving by 130 basis points to 39.9%.

Particularly noteworthy is the 11% increase in income from operations, reaching $259.1 million. This growth outpaced the revenue increase, indicating improved operational efficiency. The operating margin expanded by 100 basis points to 14.4%, reflecting the company's ability to control costs while growing sales.

However, it's important to note that standard physical case volume declined by 1.2%. This suggests that the revenue growth is primarily price-driven rather than volume-driven, which could be a potential concern if consumer price sensitivity increases.

The company's cash flow position remains strong, with cash flows from operations increasing to $437.1 million in the first half of 2024. This robust cash generation supports the company's ongoing capital expenditures, which are expected to be between $300 million and $350 million for the full year 2024.

Overall, Coca-Cola Consolidated's financial performance in Q2 2024 appears solid, with improved profitability metrics and strong cash flow generation. However, the decline in physical case volume warrants monitoring in future quarters.

Market Research Analyst

Coca-Cola Consolidated's Q2 2024 results reveal interesting trends in consumer behavior and market dynamics. The 4.4% increase in sparkling bottle/can sales suggests continued strong demand for carbonated beverages. This growth, coupled with relatively flat sparkling category volume, indicates a shift towards higher-priced or premium products within the category.

The strength in multi-serve can packages sold in larger retail stores points to a potential trend of consumers favoring bulk purchases, possibly for at-home consumption. This could be a lingering effect of changed consumption patterns post-pandemic or a response to inflationary pressures.

In the still beverage category, the 3.5% decline in physical case volume is noteworthy. The softness in Dasani casepack water and BODYARMOR suggests changing consumer preferences or increased competition in these segments. However, the strength in brands like Monster, POWERade, Core Power and vitaminwater indicates a consumer shift towards functional and energy drinks.

The company's expansion of delivery methods beyond traditional Direct Store Delivery (DSD) for complex product portfolios demonstrates adaptability to changing market conditions. The shift of Dasani water distribution in Walmart stores to a non-DSD method, while impacting reported case sales, likely improves operational efficiency.

Coca-Cola Consolidated's focus on value-oriented packages and mini can production aligns with potential consumer demand for portion control and affordability in an inflationary environment. This strategy could help maintain volume while supporting price increases.

Overall, these results reflect a dynamic beverage market with shifting consumer preferences and a company actively adapting its strategies to meet these changes.

• Second quarter of 2024 net sales increased 3% versus the second quarter of 2023.

• Gross profit in the second quarter of 2024 was $717 million, an increase of 7% versus the second quarter of 2023. Gross margin in the second quarter of 2024 improved by 130 basis points^(a) to 39.9%.
  

• Income from operations for the second quarter of 2024 was $259 million, up $25 million, or 11%, versus the second quarter of 2023. Operating margin for the second quarter of 2024 was 14.4% as compared to 13.4% for the second quarter of 2023, an increase of 100 basis points.

Key Results

		Second Quarter										First Half
(in millions)		2024				2023				Change		2024				2023				Change
Standard physical case volume			91.5				92.6			(1.2)%			173.6				175.0			(0.8)%
Net sales		$	1,795.9			$	1,738.8			3.3%		$	3,387.6			$	3,310.5			2.3%
Gross profit		$	716.7			$	671.6			6.7%		$	1,357.3			$	1,295.7			4.8%
Gross margin			39.9	%			38.6	%					40.1	%			39.1	%
Income from operations		$	259.1			$	233.7			10.9%		$	474.5			$	439.7			7.9%
Operating margin			14.4	%			13.4	%					14.0	%			13.3	%
Beverage Sales		Second Quarter										First Half
(in millions)		2024				2023				Change		2024				2023				Change
Sparkling bottle/can		$	1,048.9			$	1,004.4			4.4%		$	1,996.4			$	1,918.7			4.0%
Still bottle/can		$	597.5			$	573.6			4.2%		$	1,108.4			$	1,082.9			2.4%

Second Quarter and First Half 2024 Review

CHARLOTTE, N.C., July 31, 2024 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the second quarter ended June 28, 2024 and the first half of fiscal 2024.

“We are pleased to report strong second quarter results that reflect our continued focus on margin management and operating efficiency,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “In addition to reaching higher levels of profitability this quarter, we made important progress in our commitment to build long-term value for our stockholders through a significant repurchase of our common shares. We look forward to communicating additional plans with you in the coming weeks.”

Net sales increased 3.3% to $1.8 billion in the second quarter of 2024 and increased 2.3% to $3.4 billion in the first half of 2024. Sparkling and Still net sales increased 4.4% and 4.2%, respectively, compared to the second quarter of 2023. The net sales growth was driven by pricing actions taken during the first quarter of 2024.

Standard physical case volume was down 1.2% in the second quarter of 2024 and down 0.8% in the first half of the year. For the first half of 2024, comparable^(b) standard physical case volume decreased 0.3% compared to the first half of 2023, which included one additional selling day. Sparkling category volume remained relatively flat during the second quarter with strong performance of multi-serve can packages sold in larger retail stores. Still category physical case volume declined 3.5% during the second quarter of 2024. We continue to see softness in Dasani casepack water as well as BODYARMOR but we experienced strength in several key brands including Monster, POWERade, Core Power and vitaminwater.

“Our local teams did outstanding work executing our commercial plan leading up to the July 4^th holiday, which resulted in very solid performance of our brands this quarter,” said Dave Katz, President and Chief Operating Officer. “We are especially pleased with the performance of our Sparkling brands as we’ve expanded our portfolio with a variety of value-oriented packages.”

Direct store delivery (“DSD”) is our preferred and primary route to market. However, as our business becomes more complex with an increasing number of brands and packages, we are expanding our delivery methods to include routes to market outside our traditional DSD capabilities. We receive fees associated with our non-DSD sales that benefit our overall profitability but the volume is not reported as part of our standard physical case volume. For example, we have shifted the distribution of casepack Dasani water sold in Walmart stores to a non-DSD method of distribution which reduced our second quarter reported case sales by 0.8%.

Gross profit in the second quarter of 2024 was $716.7 million, an increase of $45.1 million, or 7%. Gross margin improved 130 basis points to 39.9%. Pricing actions taken during the first quarter of 2024 along with steady commodity prices were the largest contributors to the overall improvement in gross margin. Gross profit in the first half of 2024 was $1.4 billion, an increase of $61.6 million, or 4.8%.

“Our consistent capital investments in mini can and small PET production capabilities over the past several years have enabled us to actively respond to the evolving needs of our consumers and retail partners,” Mr. Katz continued. “We are closely monitoring consumer behavior and traffic in key customers as we balance our approach to pricing and package mix.”

Selling, delivery and administrative (“SD&A”) expenses in the second quarter of 2024 increased $19.7 million, or 5%. SD&A expenses as a percentage of net sales increased 30 basis points to 25.5% in the second quarter of 2024. The increase in SD&A expenses as compared to the second quarter of 2023 was primarily driven by an increase in labor costs, mostly related to annual wage adjustments and overall inflation. SD&A expenses in the first half of 2024 increased $26.8 million, or 3.1%. SD&A expenses as a percentage of net sales in the first half of 2024 increased 20 basis points to 26.1% as compared to the first half of 2023.

Income from operations in the second quarter of 2024 was $259.1 million, compared to $233.7 million in the second quarter of 2023, an increase of 11%. For the first half of 2024, income from operations increased $34.8 million to $474.5 million, an increase of 8%. Operating margin for the first half of 2024 was 14.0% as compared to 13.3% for the first half of 2023, an increase of 70 basis points.

Net income in the second quarter of 2024 was $172.8 million, compared to $122.3 million in the second quarter of 2023, an improvement of $50.5 million. On an adjusted^(b) basis, net income in the second quarter of 2024 was $192.8 million, compared to $172.5 million in the second quarter of 2023, an increase of $20.3 million. Income tax expense for the second quarter of 2024 was $59.4 million, compared to $42.4 million for the second quarter of 2023, resulting in an effective income tax rate of approximately 26% for both periods.

Net income in the first half of 2024 was $338.6 million, compared to $240.4 million in the first half of 2023, an improvement of $98.1 million. Net income for the second quarter and first half of 2023 was adversely impacted by the partial settlement of our primary pension plan benefit liabilities during the prior year, which resulted in a non-cash charge of $39.8 million.

Cash flows provided by operations for the first half of 2024 were $437.1 million, compared to $383.3 million for the first half of 2023. Cash flows from operations reflected our strong operating performance during the first half of 2024. In the first half of 2024, we invested $159 million in capital expenditures as we continue to enhance our supply chain and invest for future growth. For the full year of 2024, we expect our capital expenditures to be between $300 million and $350 million.

(a)	All comparisons are to the corresponding period in the prior year unless specified otherwise.
(b)	The discussion of the operating results for the second quarter ended June 28, 2024 and the first half of fiscal 2024 includes selected non-GAAP financial information, such as “comparable” and “adjusted” results. The schedules in this news release reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures.

CONTACTS:
Ashley Brown (Media)		Scott Anthony (Investors)
Director, External Communications		Executive Vice President & Chief Financial Officer
(803) 979-2849		(704) 557-4633
Ashley.Brown@cokeconsolidated.com		Scott.Anthony@cokeconsolidated.com

A PDF accompanying this release is available at: http://ml.globenewswire.com/Resource/Download/4d7c45cd-360c-4122-8b6c-574350fe4608

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, to serve others, to pursue excellence and to grow profitably. 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. 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.

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, X, Instagram and LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements” 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), disruption of supply or 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 and product safety and sustainability; 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 information technology systems or our effective response to technology failures or cyberattacks on our customers’, suppliers’ or other third parties’ information technology systems; unfavorable changes in the general economy; 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; climate change or legislative or regulatory responses to such change; and the impact of any pandemic or public health situation. 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)
		Second Quarter								First Half
(in thousands, except per share data)		2024				2023				2024				2023
Net sales		$	1,795,943			$	1,738,832			$	3,387,569			$	3,310,474
Cost of sales			1,079,233				1,067,255				2,030,300				2,014,791
Gross profit			716,710				671,577				1,357,269				1,295,683
Selling, delivery and administrative expenses			457,570				437,907				882,723				855,959
Income from operations			259,140				233,670				474,546				439,724
Interest (income) expense, net			(1,620	)			1,353				(4,336	)			4,282
Pension plan settlement expense			—				39,777				—				39,777
Other expense, net			28,535				27,788				23,822				71,711
Income before taxes			232,225				164,752				455,060				323,954
Income tax expense			59,413				42,433				116,507				83,508
Net income		$	172,812			$	122,319			$	338,553			$	240,446
Basic net income per share:
Common Stock		$	18.57			$	13.05			$	36.26			$	25.65
Weighted average number of Common Stock shares outstanding			8,302				8,369				8,335				8,369
Class B Common Stock		$	18.56			$	13.05			$	36.18			$	25.65
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		$	18.54			$	13.02			$	36.19			$	25.59
Weighted average number of Common Stock shares outstanding – assuming dilution			9,321				9,396				9,354				9,396
Class B Common Stock		$	18.53			$	13.01			$	35.92			$	25.51
Weighted average number of Class B Common Stock shares outstanding – assuming dilution			1,019				1,027				1,019				1,027

FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)		June 28, 2024				December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	1,699,288			$	635,269
Short-term investments			198,771				—
Trade accounts receivable, net			602,563				539,873
Other accounts receivable			114,248				119,469
Inventories			338,249				321,932
Prepaid expenses and other current assets			83,225				88,585
Total current assets			3,036,344				1,705,128
Property, plant and equipment, net			1,366,054				1,320,563
Right-of-use assets - operating leases			110,139				122,708
Leased property under financing leases, net			3,962				4,785
Other assets			162,285				145,213
Goodwill			165,903				165,903
Other identifiable intangible assets, net			811,385				824,642
Total assets		$	5,656,072			$	4,288,942
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of obligations under operating leases		$	23,923			$	26,194
Current portion of obligations under financing leases			2,584				2,487
Dividends payable			—				154,666
Share repurchase obligation to The Coca-Cola Company			553,723				—
Accounts payable and accrued expenses			959,383				907,987
Total current liabilities			1,539,613				1,091,334
Deferred income taxes			130,658				128,435
Pension and postretirement benefit obligations and other liabilities			909,543				927,113
Noncurrent portion of obligations under operating leases			92,248				102,271
Noncurrent portion of obligations under financing leases			3,714				5,032
Long-term debt			1,785,102				599,159
Total liabilities			4,460,878				2,853,344
Equity:
Stockholders’ equity			1,195,194				1,435,598
Total liabilities and equity		$	5,656,072			$	4,288,942

FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
		First Half
(in thousands)		2024				2023
Cash Flows from Operating Activities:
Net income		$	338,553			$	240,446
Depreciation expense, amortization of intangible assets and deferred proceeds, net			94,409				87,185
Fair value adjustment of acquisition related contingent consideration			22,285				67,174
Deferred income taxes			2,264				(7,848	)
Pension plan settlement expense			—				39,777
Change in current assets and current liabilities			257				(41,957	)
Change in noncurrent assets and noncurrent liabilities			(23,583	)			(6,061	)
Other			2,946				4,622
Net cash provided by operating activities		$	437,131			$	383,338
Cash Flows from Investing Activities:
Purchases and disposals of short-term investments		$	(196,480	)		$	—
Additions to property, plant and equipment			(159,400	)			(92,893	)
Other			(6,299	)			(5,766	)
Net cash used in investing activities		$	(362,179	)		$	(98,659	)
Cash Flows from Financing Activities:
Proceeds from bond issuance		$	1,200,000			$	—
Cash dividends paid			(159,353	)			(37,495	)
Payments of acquisition related contingent consideration			(23,676	)			(13,376	)
Payments related to share repurchases			(14,471	)			—
Debt issuance fees			(12,212	)			(154	)
Other			(1,221	)			(1,130	)
Net cash provided by (used in) financing activities		$	989,067			$	(52,155	)
Net increase in cash during period		$	1,064,019			$	232,524
Cash at beginning of period			635,269				197,648
Cash at end of period		$	1,699,288			$	430,172

COMPARABLE AND NON-GAAP FINANCIAL MEASURES(c) The following tables reconcile reported results (GAAP) to comparable and adjusted results (non-GAAP):
	Second 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)		$	716,710			$	457,570			$	259,140			$	232,225			$	172,812			$	18.57
Fair value adjustment of acquisition related contingent consideration			—				—				—				27,826				20,950				2.25
Fair value adjustments for commodity derivative instruments			(1,075	)			254				(1,329	)			(1,329	)			(1,001	)			(0.11	)
Total reconciling items			(1,075	)			254				(1,329	)			26,497				19,949				2.14
Adjusted results (non-GAAP)		$	715,635			$	457,824			$	257,811			$	258,722			$	192,761			$	20.71
Adjusted % Change vs. Second Quarter 2023			6.4	%			4.6	%			9.7	%

	Second 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)		$	671,577			$	437,907			$	233,670			$	164,752			$	122,319			$	13.05
Fair value adjustment of acquisition related contingent consideration			—				—				—				25,520				19,214				2.05
Fair value adjustments for commodity derivative instruments			1,097				(224	)			1,321				1,321				994				0.10
Pension plan settlement expense			—				—				—				39,777				29,948				3.19
Total reconciling items			1,097				(224	)			1,321				66,618				50,156				5.34
Adjusted results (non-GAAP)		$	672,674			$	437,683			$	234,991			$	231,370			$	172,475			$	18.39

Results for the first half of 2023 include one additional selling day compared to the first half of 2024. For comparison purposes, the estimated impact of the additional selling day in the first half of 2023 has been excluded from our comparable^(b) volume results.

		First Half
(in millions)		2024			2023			Change
Standard physical case volume		173.6			175.0			(0.8	)%
Volume related to extra day in fiscal period		—			(0.9	)
Comparable standard physical case volume		173.6			174.1			(0.3	)%

	First Half 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)		$	1,357,269			$	882,723			$	474,546			$	455,060			$	338,553			$	36.26
Fair value adjustment of acquisition related contingent consideration			—				—				—				22,285				16,778				1.80
Fair value adjustments for commodity derivative instruments			81				211				(130	)			(130	)			(98	)			(0.01	)
Total reconciling items			81				211				(130	)			22,155				16,680				1.79
Adjusted results (non-GAAP)		$	1,357,350			$	882,934			$	474,416			$	477,215			$	355,233			$	38.05
Adjusted % Change vs. First Half 2023			4.6	%			3.5	%			6.8	%

	First Half 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)		$	1,295,683			$	855,959			$	439,724			$	323,954			$	240,446			$	25.65
Fair value adjustment of acquisition related contingent consideration			—				—				—				67,174				50,575				5.40
Fair value adjustments for commodity derivative instruments			1,492				(2,914	)			4,406				4,406				3,317				0.35
Pension plan settlement expense			—				—				—				39,777				29,948				3.19
Total reconciling items			1,492				(2,914	)			4,406				111,357				83,840				8.94
Adjusted results (non-GAAP)		$	1,297,175			$	853,045			$	444,130			$	435,311			$	324,286			$	34.59

(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.

FAQ

What was Coca-Cola Consolidated's (COKE) net sales growth in Q2 2024?

Coca-Cola Consolidated (COKE) reported a 3.3% increase in net sales, reaching $1.8 billion in Q2 2024 compared to the same period in 2023.

How did Coca-Cola Consolidated's (COKE) gross profit and margin perform in Q2 2024?

Coca-Cola Consolidated's (COKE) gross profit in Q2 2024 increased by 6.7% to $716.7 million, with gross margin improving by 130 basis points to 39.9%.

What was Coca-Cola Consolidated's (COKE) income from operations in Q2 2024?

Coca-Cola Consolidated's (COKE) income from operations in Q2 2024 was $259.1 million, up 10.9% from $233.7 million in Q2 2023.

How did Coca-Cola Consolidated's (COKE) physical case volume perform in Q2 2024?

Coca-Cola Consolidated's (COKE) standard physical case volume decreased by 1.2% in Q2 2024 compared to the same period in 2023.