Coca-Cola Consolidated Reports Strong Q3 and 9M 2024 Results with Increased Net Sales, Gross Profit, and Net Income

Coca-Cola Consolidated, Inc. reported a solid performance for the third quarter and the first nine months of fiscal 2024, with notable increases in net sales, gross profit, and net income compared to the same periods in 2023.

For the third quarter of 2024, net sales reached $1,765.7 million, a 3.1% increase from $1,712.4 million in the third quarter of 2023. Gross profit also rose to $698.0 million, up 5.5% from $661.6 million year-over-year. Income from operations increased by 5.0% to $227.1 million, while net income surged to $115.6 million, compared to $92.1 million in the prior year, reflecting a $23.5 million increase. Basic net income per share improved to $13.20 from $9.82 in the same quarter last year.

For the first nine months of 2024, net sales totaled $5,153.2 million, a 2.6% increase from $5,022.9 million in the first nine months of 2023. Gross profit for this period was $2,055.3 million, up from $1,957.2 million, while income from operations rose to $701.6 million from $656.0 million. Net income for the first nine months reached $454.2 million, an increase of $121.6 million compared to $332.5 million in the same period of 2023.

The company attributed the increase in net sales primarily to higher average bottle and can sales prices, which contributed approximately $60 million to net sales in the third quarter. Sparkling beverage sales increased by 5.8%, while still beverage sales saw a decline of 9.7% in the same quarter. The overall standard physical case volume decreased by 2.1% in the third quarter and by 1.3% in the first nine months of 2024.

Coca-Cola Consolidated's financial position improved significantly, with total assets increasing to $5.27 billion as of September 27, 2024, up from $4.29 billion at the end of 2023. Cash and cash equivalents rose to $1.24 billion, primarily due to strong operating performance and proceeds from bond issuances totaling $1.2 billion. Long-term debt increased significantly to $1.79 billion from $599.2 million at the end of 2023, reflecting new bond issuances.

In terms of strategic developments, the company announced a share repurchase program on May 6, 2024, allowing for the repurchase of up to $3.1 billion in common stock. As of September 27, 2024, the company had repurchased 613,010 shares under this program. Additionally, the company declared a quarterly cash dividend of $2.50 per share, significantly higher than the previous $0.50 per share.

Overall, Coca-Cola Consolidated's financial results for the third quarter and first nine months of 2024 demonstrate a positive trajectory in revenue and profitability, supported by strategic initiatives and effective cost management.