US: Coca-Cola Bottling Co Consolidated Q1 profits rise
- Q1 like-for-like net profits increase by 6.5% to US$4.9m
- Net sales edge up by 1.7% to $385.6m
- Operating profits drop by 16.9%, hitting $15.5m
Coca-Cola Bottling Co Consolidated posted a Q1 sales and profits increase
Coca-Cola Bottling Co Consolidated has posted an increase in first-quarter sales and profits, despite cooler weather and tax hikes across its markets.
Net profits in the three months to the end of March climbed by 6.5% to US$4.9m, the North Carolina-based bottler said yesterday (7 May). Net sales increased by 1.7% to $385.6m over the same period, while operating profits fell by 16.9% to $15.5m.
The first quarter is traditionally the smallest for US beverage companies, but the group will have been pleased to post a profits rise after seeing its full-year profits drop by 4.9% in results released in February.
Henry Flint, the company's president & COO, said higher taxes and fuel prices as well as cooler than average weather had made for a “challenging” quarter. But he added: “We were pleased that, even in a tough operating environment, we were able to grow revenue and continue to diligently manage our operating expenses. With the seasonal nature of our business, our focus will be on our peak revenue months in the second and third quarters and creating value for our customers, consumers and shareholders.”
The bottler was not the only beverage company to complain about the US weather. In first-quarter results yesterday, MillerCoors said it had failed to keep pace with last year's Q1 numbers partly because of cooler temperatures.
Coca-Cola Consolidated's share price ended yesterday up by 1% at $61.74.
To read the company's official statement, click here.
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