Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2024 Results
Coca-Cola Consolidated (NASDAQ: COKE) reported strong Q3 2024 results with net sales increasing 3.1% to $1.8 billion. Gross profit rose 5.5% to $698 million, with gross margin improving by 90 basis points to 39.5%. Income from operations grew 5% to $227.1 million, while net income increased to $115.6 million from $92.1 million in Q3 2023. Sparkling beverage sales showed robust growth of 5.8%, though standard physical case volume declined 2.1%. The company completed the purchase of its Nashville production facility for $56 million and expects capital expenditures of approximately $350 million for full-year 2024.
Coca-Cola Consolidated (NASDAQ: COKE) ha riportato risultati solidi per il terzo trimestre del 2024, con vendite nette in aumento del 3,1% a $1,8 miliardi. Il profitto lordo è aumentato del 5,5% a $698 milioni, con un miglioramento del margine lordo di 90 punti base al 39,5%. Il reddito operativo è cresciuto del 5% a $227,1 milioni, mentre l'utile netto è salito a $115,6 milioni rispetto ai $92,1 milioni del terzo trimestre del 2023. Le vendite di bevande gassate hanno mostrato una crescita robusta del 5,8%, anche se il volume dei casi fisici standard è diminuito del 2,1%. L'azienda ha completato l'acquisto del suo impianto di produzione a Nashville per $56 milioni e prevede spese in conto capitale di circa $350 milioni per l'intero anno 2024.
Coca-Cola Consolidated (NASDAQ: COKE) reportó sólidos resultados en el tercer trimestre de 2024, con ventas netas aumentando un 3,1% hasta $1,8 mil millones. Las ganancias brutas crecieron un 5,5% a $698 millones, con un margen bruto mejorando en 90 puntos básicos hasta el 39,5%. Los ingresos de operaciones crecieron un 5% a $227,1 millones, mientras que la utilidad neta aumentó a $115,6 millones desde $92,1 millones en el tercer trimestre de 2023. Las ventas de bebidas carbonatadas mostraron un fuerte crecimiento del 5,8%, aunque el volumen de cajas físicas estándar disminuyó un 2,1%. La compañía completó la compra de su planta de producción en Nashville por $56 millones y espera gastos de capital de aproximadamente $350 millones para todo el año 2024.
Coca-Cola Consolidated (NASDAQ: COKE)는 2024년 3분기 강력한 실적을 발표했습니다. 순매출은 3.1% 증가하여 18억 달러에 달했습니다. 총 이익은 5.5% 증가하여 6억 9800만 달러에 이르렀으며, 총 마진은 90 베이시스 포인트 개선되어 39.5%에 도달했습니다. 운영 소득은 5% 증가하여 2억 2710만 달러에 이르렀고, 순이익은 2023년 3분기의 9210만 달러에서 1억 1560만 달러로 증가했습니다. 탄산음료 판매는 5.8%의 탄탄한 성장을 보였지만, 표준 물리적 케이스 볼륨은 2.1% 감소했습니다. 회사는 내쉬빌 생산 시설을 5600만 달러에 인수했으며 2024년 전체 연도의 자본 지출은 약 3억 5000만 달러로 예상하고 있습니다.
Coca-Cola Consolidated (NASDAQ: COKE) a annoncé des résultats solides pour le troisième trimestre 2024, avec des ventes nettes en hausse de 3,1 % à 1,8 milliard de dollars. Le bénéfice brut a augmenté de 5,5 % pour atteindre 698 millions de dollars, la marge brute s'améliorant de 90 points de base à 39,5 %. Le revenu d'exploitation a connu une croissance de 5 % à 227,1 millions de dollars, tandis que le bénéfice net est passé de 92,1 millions de dollars au troisième trimestre 2023 à 115,6 millions de dollars. Les ventes de boissons gazeuses ont affiché une forte croissance de 5,8 %, bien que le volume des caisses physiques standard ait décliné de 2,1 %. L'entreprise a terminé l'achat de son usine de production à Nashville pour 56 millions de dollars et prévoit des dépenses d'investissement d'environ 350 millions de dollars pour l'année entière 2024.
Coca-Cola Consolidated (NASDAQ: COKE) berichtete über starke Ergebnisse im 3. Quartal 2024, mit einem Anstieg der Nettoumsätze um 3,1% auf 1,8 Milliarden Dollar. Der Bruttogewinn stieg um 5,5% auf 698 Millionen Dollar, während die Bruttomarge um 90 Basispunkte auf 39,5% verbesserte. Der Betriebsgewinn wuchs um 5% auf 227,1 Millionen Dollar, während der Nettogewinn von 92,1 Millionen Dollar im 3. Quartal 2023 auf 115,6 Millionen Dollar anstieg. Der Umsatz mit Erfrischungsgetränken zeigte ein robustes Wachstum von 5,8%, obwohl das Volumen der Standard-Einwegverpackungen um 2,1% zurückging. Das Unternehmen hat den Kauf seiner Produktionsstätte in Nashville für 56 Millionen Dollar abgeschlossen und erwartet Investitionsausgaben von etwa 350 Millionen Dollar für das gesamte Jahr 2024.
- Net sales increased 3.1% to $1.8 billion in Q3 2024
- Gross profit rose 5.5% to $698 million with margin improvement of 90 basis points
- Income from operations grew 5% to $227.1 million
- Net income increased by $23.5 million to $115.6 million
- Sparkling beverage sales grew 5.8%
- Cash flows from operations increased to $707.9 million from $644.5 million
- Standard physical case volume declined 2.1% in Q3 2024
- Still category physical case volume declined 9.7%
- SD&A expenses increased $25.7 million (5.8%) with expenses as percentage of sales up 70 basis points
- Distribution change of Dasani water reduced reported case sales by 1.8% in Q3
Insights
The Q3 2024 results demonstrate solid financial performance for Coca-Cola Consolidated. Net sales increased
The company's operational efficiency is evident in the
- Third quarter of 2024 net sales increased
3% versus the third quarter of 2023. - Gross profit in the third quarter of 2024 was
$698 million , an increase of5.5% versus the third quarter of 2023. Gross margin in the third quarter of 2024 improved by 90 basis points(a) to39.5% . - Income from operations for the third quarter of 2024 was
$227 million , an increase of$11 million , or5% , versus the third quarter of 2023. Operating margin for the third quarter of 2024 was12.9% as compared to12.6% for the third quarter of 2023, an increase of 30 basis points.
Key Results
| Third Quarter | First Nine Months | |||||||||||||||||||
| (in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||
| Standard physical case volume | 89.9 | 91.8 | (2.1)% | 263.4 | 266.8 | (1.3)% | ||||||||||||||
| Net sales | $ | 1,765.7 | $ | 1,712.4 | $ | 5,153.2 | $ | 5,022.9 | ||||||||||||
| Gross profit | $ | 698.0 | $ | 661.6 | $ | 2,055.3 | $ | 1,957.2 | ||||||||||||
| Gross margin | 39.5% | 38.6% | 39.9% | 39.0% | ||||||||||||||||
| Income from operations | $ | 227.1 | $ | 216.3 | $ | 701.6 | $ | 656.0 | ||||||||||||
| Operating margin | 12.9% | 12.6% | 13.6% | 13.1% | ||||||||||||||||
| Beverage Sales | Third Quarter | First Nine Months | ||||||||||||||||||
| (in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||
| Sparkling bottle/can | $ | 1,034.7 | $ | 977.7 | $ | 3,025.9 | $ | 2,892.1 | ||||||||||||
| Still bottle/can | $ | 585.5 | $ | 576.0 | $ | 1,694.7 | $ | 1,660.5 | ||||||||||||
Third Quarter and First Nine Months 2024 Review
CHARLOTTE, N.C., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Coca‑Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter ended September 27, 2024 and the first nine months of fiscal 2024.
“Our third quarter results reflect our steady focus on the operating fundamentals of our business. Strong commercial execution against our world class beverage portfolio, disciplined expense management and building on our purpose-driven culture are at the core of what we do every day,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “Our continued solid growth is a testament to the dedication of our teammates and our commitment to reinvest in our business to build long-term value.”
“While we are pleased with our operating results, our teammates and the communities we serve in Western North Carolina and Eastern Tennessee have suffered incredible loss as a result of Hurricane Helene,” Mr. Harrison continued. “Supporting our local communities is foundational to our culture and our Company. We are actively supporting the impacted areas as we partner with relief organizations to help our teammates, customers and communities recover from the destruction.”
Net sales increased
Standard physical case volume was down
As noted in our second quarter 2024 results, we have shifted the distribution of casepack Dasani water sold in Walmart stores to a non-direct store delivery (DSD) method of distribution. As a result, these cases are not included in our 2024 reported case sales. The 2024 impact of this distribution change reduced our reported case sales by
“Our third quarter results reflect the power of Sparkling volume growth, margin improvement and continued strong commercial execution,” said Dave Katz, President and Chief Operating Officer. “Our Sparkling revenue grew nearly
Gross profit in the third quarter of 2024 was
“Our strong, consistent cash flow has allowed us to continue to reinvest in the business, strengthening our supply chain and supporting the Company’s overall growth,” Mr. Katz continued. “During the quarter, we completed the purchase of our leased production facility in Nashville, Tennessee for
Selling, delivery and administrative (“SD&A”) expenses in the third quarter of 2024 increased
Income from operations in the third quarter of 2024 was
Net income in the third quarter of 2024 was
Net income in the first nine months of 2024 was
Cash flows provided by operations for the first nine months of 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 third quarter ended September 27, 2024 and the first nine months 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: | ||
| 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/45b47614-4499-4af7-9d22-6ad5e5781d95
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” 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) | ||||||||||||||
| Third Quarter | First Nine Months | |||||||||||||
| (in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net sales | $ | 1,765,652 | $ | 1,712,428 | $ | 5,153,221 | $ | 5,022,902 | ||||||
| Cost of sales | 1,067,616 | 1,050,878 | 3,097,916 | 3,065,669 | ||||||||||
| Gross profit | 698,036 | 661,550 | 2,055,305 | 1,957,233 | ||||||||||
| Selling, delivery and administrative expenses | 470,981 | 445,290 | 1,353,704 | 1,301,249 | ||||||||||
| Income from operations | 227,055 | 216,260 | 701,601 | 655,984 | ||||||||||
| Interest expense (income), net | 2,187 | (1,516 | ) | (2,149 | ) | 2,766 | ||||||||
| Pension plan settlement expense | — | 77,319 | — | 117,096 | ||||||||||
| Other expense, net | 69,305 | 19,473 | 93,127 | 91,184 | ||||||||||
| Income before taxes | 155,563 | 120,984 | 610,623 | 444,938 | ||||||||||
| Income tax expense | 39,939 | 28,891 | 156,446 | 112,399 | ||||||||||
| Net income | $ | 115,624 | $ | 92,093 | $ | 454,177 | $ | 332,539 | ||||||
| Basic net income per share: | ||||||||||||||
| Common Stock | $ | 13.20 | $ | 9.82 | $ | 49.71 | $ | 35.47 | ||||||
| Weighted average number of Common Stock shares outstanding | 7,756 | 8,369 | 8,141 | 8,369 | ||||||||||
| Class B Common Stock | $ | 13.20 | $ | 9.82 | $ | 49.25 | $ | 35.47 | ||||||
| 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 | $ | 13.18 | $ | 9.80 | $ | 49.59 | $ | 35.38 | ||||||
| Weighted average number of Common Stock shares outstanding – assuming dilution | 8,772 | 9,395 | 9,158 | 9,398 | ||||||||||
| Class B Common Stock | $ | 13.18 | $ | 9.79 | $ | 49.00 | $ | 35.29 | ||||||
| Weighted average number of Class B Common Stock shares outstanding – assuming dilution | 1,016 | 1,026 | 1,017 | 1,029 | ||||||||||
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| (in thousands) | September 27, 2024 | December 31, 2023 | ||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 1,236,006 | $ | 635,269 | ||||
| Short-term investments | 215,044 | — | ||||||
| Trade accounts receivable, net | 556,701 | 539,873 | ||||||
| Other accounts receivable | 135,280 | 119,469 | ||||||
| Inventories | 334,681 | 321,932 | ||||||
| Prepaid expenses and other current assets | 93,421 | 88,585 | ||||||
| Total current assets | 2,571,133 | 1,705,128 | ||||||
| Property, plant and equipment, net | 1,454,746 | 1,320,563 | ||||||
| Right-of-use assets - operating leases | 102,330 | 122,708 | ||||||
| Leased property under financing leases, net | 3,550 | 4,785 | ||||||
| Other assets | 170,304 | 145,213 | ||||||
| Goodwill | 165,903 | 165,903 | ||||||
| Other identifiable intangible assets, net | 804,758 | 824,642 | ||||||
| Total assets | $ | 5,272,724 | $ | 4,288,942 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Current portion of obligations under operating leases | $ | 22,323 | $ | 26,194 | ||||
| Current portion of obligations under financing leases | 2,635 | 2,487 | ||||||
| Dividends payable | 21,902 | 154,666 | ||||||
| Accounts payable and accrued expenses | 993,995 | 907,987 | ||||||
| Total current liabilities | 1,040,855 | 1,091,334 | ||||||
| Deferred income taxes | 110,510 | 128,435 | ||||||
| Pension and postretirement benefit obligations and other liabilities | 961,691 | 927,113 | ||||||
| Noncurrent portion of obligations under operating leases | 85,863 | 102,271 | ||||||
| Noncurrent portion of obligations under financing leases | 3,036 | 5,032 | ||||||
| Long-term debt | 1,785,782 | 599,159 | ||||||
| Total liabilities | 3,987,737 | 2,853,344 | ||||||
| Equity: | ||||||||
| Stockholders’ equity | 1,284,987 | 1,435,598 | ||||||
| Total liabilities and equity | $ | 5,272,724 | $ | 4,288,942 | ||||
| FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| First Nine Months | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 454,177 | $ | 332,539 | ||||
| Depreciation expense, amortization of intangible assets and deferred proceeds, net | 143,179 | 131,296 | ||||||
| Fair value adjustment of acquisition related contingent consideration | 90,877 | 86,038 | ||||||
| Deferred income taxes | (18,030 | ) | (34,881 | ) | ||||
| Pension plan settlement expense | — | 117,096 | ||||||
| Change in current assets and current liabilities | 55,763 | 35,791 | ||||||
| Change in noncurrent assets and noncurrent liabilities | (23,650 | ) | (29,935 | ) | ||||
| Other | 5,577 | 6,605 | ||||||
| Net cash provided by operating activities | $ | 707,893 | $ | 644,549 | ||||
| Cash Flows from Investing Activities: | ||||||||
| Additions to property, plant and equipment | $ | (287,333 | ) | $ | (152,260 | ) | ||
| Purchases and disposals of short-term investments | (211,256 | ) | — | |||||
| Other | (9,369 | ) | (8,603 | ) | ||||
| Net cash used in investing activities | $ | (507,958 | ) | $ | (160,863 | ) | ||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from bond issuance | $ | 1,200,000 | $ | — | ||||
| Payments related to share repurchases | (574,009 | ) | — | |||||
| Cash dividends paid | (163,733 | ) | (42,182 | ) | ||||
| Payments of acquisition related contingent consideration | (44,243 | ) | (20,979 | ) | ||||
| Debt issuance fees | (15,365 | ) | (244 | ) | ||||
| Other | (1,848 | ) | (1,712 | ) | ||||
| Net cash provided by (used in) financing activities | $ | 400,802 | $ | (65,117 | ) | |||
| Net increase in cash during period | $ | 600,737 | $ | 418,569 | ||||
| Cash at beginning of period | 635,269 | 197,648 | ||||||
| Cash at end of period | $ | 1,236,006 | $ | 616,217 | ||||
| COMPARABLE AND NON-GAAP FINANCIAL MEASURES(c) The following tables reconcile reported results (GAAP) to comparable and adjusted results (non-GAAP): | ||||||||||||||||||||||||
| Third 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) | $ | 698,036 | $ | 470,981 | $ | 227,055 | $ | 155,563 | $ | 115,624 | $ | 13.20 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 68,592 | 51,652 | 5.68 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (1,426 | ) | (631 | ) | (795 | ) | (795 | ) | (599 | ) | (0.07 | ) | ||||||||||||
| Total reconciling items | (1,426 | ) | (631 | ) | (795 | ) | 67,797 | 51,053 | 5.61 | |||||||||||||||
| Adjusted results (non-GAAP) | $ | 696,610 | $ | 470,350 | $ | 226,260 | $ | 223,360 | $ | 166,677 | $ | 18.81 | ||||||||||||
| Adjusted % Change vs. Third Quarter 2023 | 5.3 | % | 5.5 | % | 5.0 | % | ||||||||||||||||||
| Third 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) | $ | 661,550 | $ | 445,290 | $ | 216,260 | $ | 120,984 | $ | 92,093 | $ | 9.82 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 18,864 | 14,212 | 1.51 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | 25 | 703 | (678 | ) | (678 | ) | (510 | ) | (0.05 | ) | ||||||||||||||
| Pension plan settlement expense | — | — | — | 77,319 | 58,225 | 6.22 | ||||||||||||||||||
| Total reconciling items | 25 | 703 | (678 | ) | 95,505 | 71,927 | 7.68 | |||||||||||||||||
| Adjusted results (non-GAAP) | $ | 661,575 | $ | 445,993 | $ | 215,582 | $ | 216,489 | $ | 164,020 | $ | 17.50 | ||||||||||||
Results for the first nine months of 2023 include one additional selling day compared to the first nine months of 2024. For comparison purposes, the estimated impact of the additional selling day in the first nine months of 2023 has been excluded from our comparable(b) volume results.
| First Nine Months | |||||||
| (in millions) | 2024 | 2023 | Change | ||||
| Standard physical case volume | 263.4 | 266.8 | (1.3) % | ||||
| Volume related to extra day in fiscal period | — | (0.9 | ) | ||||
| Comparable standard physical case volume | 263.4 | 265.9 | (0.9) % | ||||
| First Nine Months 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) | $ | 2,055,305 | $ | 1,353,704 | $ | 701,601 | $ | 610,623 | $ | 454,177 | $ | 49.71 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 90,877 | 68,430 | 7.48 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | (1,345 | ) | (420 | ) | (925 | ) | (925 | ) | (697 | ) | (0.08 | ) | ||||||||||||
| Total reconciling items | (1,345 | ) | (420 | ) | (925 | ) | 89,952 | 67,733 | 7.40 | |||||||||||||||
| Adjusted results (non-GAAP) | $ | 2,053,960 | $ | 1,353,284 | $ | 700,676 | $ | 700,575 | $ | 521,910 | $ | 57.11 | ||||||||||||
| Adjusted % Change vs. First Nine Months 2023 | 4.9 | % | 4.2 | % | 6.2 | % | ||||||||||||||||||
| First Nine Months 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) | $ | 1,957,233 | $ | 1,301,249 | $ | 655,984 | $ | 444,938 | $ | 332,539 | $ | 35.47 | ||||||||||||
| Fair value adjustment of acquisition related contingent consideration | — | — | — | 86,038 | 64,787 | 6.91 | ||||||||||||||||||
| Fair value adjustments for commodity derivative instruments | 1,517 | (2,211 | ) | 3,728 | 3,728 | 2,807 | 0.30 | |||||||||||||||||
| Pension plan settlement expense | — | — | — | 117,096 | 88,173 | 9.41 | ||||||||||||||||||
| Total reconciling items | 1,517 | (2,211 | ) | 3,728 | 206,862 | 155,767 | 16.62 | |||||||||||||||||
| Adjusted results (non-GAAP) | $ | 1,958,750 | $ | 1,299,038 | $ | 659,712 | $ | 651,800 | $ | 488,306 | $ | 52.09 | ||||||||||||
| (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
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How much did COKE spend on the Nashville production facility purchase in Q3 2024?
