US: Coca-Cola Bottling Co Consolidated posts FY profits rise
- FY net profits 2% to US$27.7m
- Net sales up 2% to $1.64bn
- Operating profits down 2% to $73.6m8
CCBCC released its results yesterday
Net profits in calender 2013 were up by 2% to US$27.7m, the US bottler said yesterday (5 February). Net sales increased by 2% to $1.64bn over the same period while operating profits fell by 2% to $73.6m.
Fourth-quarter numbers were impacted by a one-off $7.3m payment to settle pension obligations. In the three-month period, CCBCC posted a $4.6m loss compared to a $1.8m gain last year. Net sales were up by 2% to $394.3m.
The results were an improvement on last year, when net profits dipped by 5%.
Chairman & CEO J Frank Harrison said: “Despite challenging industry conditions throughout the year, a combination of revenue growth, more favourable raw material cost trends and lower financing costs allowed us to grow comparable net income by almost 8%. While delivering these results, we continued to work on a definitive agreement to expand our franchise territories.”
CCBCC said the expansion plans - part of an initiative by Coca-Cola to return to a franchise model in North America as opposed to owning bottlers - had incurred “additional costs” on the company.
CCBCC's share price dipped when markets opened yesterday but ended the day up slightly.
To read the company's full statement, click here.
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