Coca-Cola Bottling Co Consolidated posts YTD profits drop
- YTD net profits down 12% to US$28.4m
- Net sales in first nine months of 2014 up 5% to $1.31bn
- Operating profits dip 1% to $71.8m
- Q3 net profits slide 25% to $12.1m
- Net sales rise 5% to $457.7m
- Operating profits fall 6% to $28.4m
- Q3 case volumes up 2%
CCBCC reported its YTD results yesterday
Coca-Cola Bottling Co Consolidated (CCBCC) has seen year-to-date sales rise but profits drop as the acquisition of new bottling franchises hit the bottom line.
Net profits in the first nine months of the year fell 12% to US$28.4m, the US bottler said yesterday. Net sales were up 5% to $1.31bn in the same period while operating profits dipped 1% to $71.8m.
Third-quarter profits were hard hit by the one-off charges, falling 25% to $12.1m. Sales were up 5% to $457.7m in the quarter while operating profits slipped by 6% to $28.4m.
The results were also up against a tough comparable from last year, when YTD profits jumped 27% helped by pricing and the weather.
Last month, CCBCC said it had agreed a deal with The Coca-Cola Co to exchange its territory in Jackson, Tennessee, for the Atlanta-based firm's territory in Lexington, Kentucky. The deal is expected to close in the first half of 2015. CCBCC, the largest independent Coca-Cola bottler in the US, previously agreed a deal for extra territory in May.
The bottler's CEO & chairman, J Frank Harrison, said yesterday: “We are continuing our work on agreements with The Coca-Cola Co for the remainder of the franchise territory expansion.”
To read the company's full results, click here.
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