US: Coca-Cola Bottling Co Consolidated posts strong YTD on Q3 surge
- YTD net profits up 27% to US$32.3m
- Net sales up 15% to $1.25bn
- Operating profits down 3% to $72.6m
- Q3 profits up 60% to $18m
CCBCC said the weather in Q3 was more "normal"
Coca-Cola Bottling Co Consolidated (CCBCC) has reported a strong year-to-date performance after a jump in Q3 profits, helped by pricing and the weather.
Net profits were up 27% to US$32.3m in the nine months to the end of September, the US bottler said late yesterday (5 November). Net sales climbed by 15% to $1.25bn over the same period while operating profits dipped 3% to $72.6m.
Third-quarter net profits, meanwhile, surged 60% to $18m. Net sales in the three-month period were up by 37% and operating profits up by 10%.
The lower operating profits growth was down to higher costs of sales, up 4% and 3% in Q3 and YTD respectively. However, the company increased its gross margins in the third quarter.
CCBCC chairman and CEO J. Frank Harrison said: “We are pleased to report strong third quarter results driven by growth in both volume and pricing. After a challenging first half of 2013, we saw a return of more normal weather patterns during the third quarter which helped drive revenue growth.”
The results were a return to form after the company admitted to “softer than expected” first-half sales and volumes because of cooler and wetter weather.
CCBCC is one of five US bottlers included in a Coca-Cola plan, unveiled in April, for a new distribution system that will offer the bottlers the chance to expand their territories. In today's results, Harrison said work on expanding on the project “is continuing”.
CCBCC released its results after the market closed. Trading yesterday remained flat.
To read the company's official statement, click here.
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