• Nine-month profits drop by 17.6% to US$29.4m
  • Operating profits climb by 10.7% to $72.6m
  • Sales amount to $1.19bn, a 2.6% increase on last year
  • Third-quarter net profits drop by 36.6% to $10.9m
Coca-Cola Bottling Co Consolidated has recorded a drop in nine-month profits

Coca-Cola Bottling Co Consolidated has recorded a drop in nine-month profits

Coca-Cola Bottling Co Consolidated has recorded a drop in nine-month profits, hurt by an increase in raw materials costs. 

For the nine months to the end of September, the Coca-Cola bottler saw its net profits slide by 17.6% to US$29.4m. Operating profits in the period, however, climbed by 10.7% to $72.6m, the firm reported yesterday (8 November).

Sales amounted to $1.19bn, a 2.6% increase on the comparable period last year.
The results included $2.7m of after-tax losses due to mark-to-market adjustments on fuel and aluminium hedges.

In the third quarter, net profits slumped by 36.6% to $10.9m, while operating profits slid by 26% to $24.9m. Sales in the period increased by 2.6% to $405.8m.

"The trends that we experienced in the first half of 2011 continued in the third quarter," said Coca-Cola Bottling Co Consolidated's COO, William Elmore. "Consumers are cautious and value oriented in their purchasing decisions. This becomes even more challenging as raw material costs continue to rise."

Click here to view the full earnings release.