US: Coke Consolidated posts lower H1 profits
Coca-Cola Bottling Co. Consolidated has seen first-half profits fall on a year earlier, when it posted a gain due to litigation.
Coke Consolidated, the second-largest bottler of Coke products in the US, has posted net income of US$9.7m for the six months to the end of June, down 26% on the year. The figures were down on the corresponding period a year earlier, the company said, due to the money it earned last year from a court settlement on high fructose corn syrup.
However, revenues were up 7.4% due to a "significant increase" in volumes, Coke Consolidated chairman and CEO J. Frank Harrison III said on Friday (28 July).
Coke Consolidated president and COO William B. Elsmore said the company saw revenues from its carbonated soft drink stable - including energy drinks - rise by 4%. Non-CSD sales were up 13%.
He added: "Our focused market effort in energy drinks is resulting in substantial gross margin gains in this product category. Our carbonated soft drink revenue growth in the second quarter resulted from the combination of lower bottle/can pricing and product innovation, particularly Vault and Coke Zero."
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