US: Coca-Cola Bottling Co. Consolidated H1 profits climb
- First-half profits increase by 1.8% to US$17m
- Operating profits flat, up by 0.2% to $47.6m
- Sales climb by 2.3% to $782.5m
- Company blames higher raw material prices for declines
Coca-Cola Bottling Co. Consolidated has recorded a slight increase in first-half profits
Coca-Cola Bottling Co. Consolidated has recorded a slight increase in first-half profits, despite the challenging economic climate and rising commodity prices.
For the six months to the end of June, profits increased by 1.8% to US$17m, the Charlotte-based bottling company said yesterday (9 August). Operating profits edged up by 0.2% to $47.6m, while sales in the half-year amounted to $782.5m, a 2.3% increase on the prior-year period.
For the second quarter, however, profits slid by 7.5% to $11.1m, while operating profits dropped by 4.7% to $28.4m. The company blamed the higher cost of key raw materials for the decline. Sales in the period, meanwhile, climbed by 1.3% to $423m.
Coca-Cola Bottling Co Consolidated's chairman and CEO, Frank Harrison, said the results reflect "ongoing challenges from a slow economic recovery and significantly higher commodity prices as well as the cycling of significant promotional activity in the prior year by a large customer".
Nonetheless, the company said it will continue to review its pricing and, "whenever feasible, adjust to offset the higher costs".
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