US: Net profits slip but CCBC “pleased” with FY
- FY net profits down by 2.5% to US$39.5m
- Net sales up by 5% to $1.51bn
- Operating profits up by 1.9% to $96.3m
- Warns of rising raw material costs
Coca-Cola Bottling Co Consolidated released its FY results today (10 March)
Coca-Cola Bottling Co Consolidated (CCBC) has professed itself “very pleased” with 2010, despite a slight dip in net profits undermining a rise in both sales and operating profits.
The US-based Coca-Cola bottler announced earlier today (10 March) that net profits in 2010 came in 2.5% down on 2009, at US$39.5m. Sales, however, delivered a 5% rise to $1.51bn, with operating profits inching up by 1.9% to $96.3m.
The company noted that last year's results were hit by a $3.2m net loss, while 2009 was able to boast an $8.5m net gain, both due to mark-to-market adjustments on fuel and aluminium hedges. A benefit in 2009 was also felt by the existence of a 53rd week, something last year could not lay claim to.
For the fourth quarter of 2010, net profits leapt by 57% to $3.8m, as net sales held steady at $354.4m, down by 0.01%. Operating profits in the three-month period fell by 7.4% to $15.2m.
“We are very pleased with our results for 2010,” said CCBC's president and COO, William Elmore. “Our results … were also aided by a significant decline in the rate of cost increases in key raw material costs, including packaging and fuel.
“As we look to 2011,” Elmore said, “these costs have again begun to rise significantly, creating new challenges for our company”.
Based in North Carolina, CCBC is the second largest Coca-Cola bottler in the US, behind Coca-Cola Enterprises, which was bought by The Coca-Cola Co last year.
For the official release, click here.
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