US: Coca-Cola Bottling Co Consolidated Q1 profits climb
- First-quarter profits climb by 25.5% to US$5.9m
- Sales edge up by 3.5% to $359.6m
- Operating profits rose 9% to $19.2m
- Challenges in 2011 lie in the months ahead, company says
Rising costs hit Coca-Cola Consolidated's sales and profits figures
Coca-Cola Bottling Co Consolidated has recorded an increase in first-quarter profits, but said it forecasts challenges from rising costs in the months ahead.
For the three months to 3 April, profits climbed by 25.5% to US$5.9m, the bottler said today (10 May). Operating profits rose by 9% to $19.2m, as sales edged up by 3.5% to $359.6m.
The company said the figures included $0.4m of after-tax losses due to mark-to-market adjustments on fuel and aluminium hedges.
“Our strong first quarter results are a great start for the year,” said president and COO, William Elmore. “However, we believe that our greatest challenges in 2011 lie in the months ahead. As we look to the remainder of 2011, the challenges are expected to get tougher as higher commodity prices will have greater impact on costs.”
The company added that it will continue to look for ways to improve its supply chain and minimise its operating costs.
In an additional announcement today, the bottler has appointed Morgan Everett to its board of directors.
Everett is community relations director of the company, a position she has held since January 2009. In addition to serving on the board, Everett will serve on the company's Finance and Employee Benefits Committees.
Click here to view the earnings release.
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