“Our strong third quarter results demonstrate our success in navigating a very challenging operating environment. Gross profit in the first nine months of 2021 increased $154.3 million, or 12%. We expect higher input costs to continue in the fourth quarter of 2021 as commodity markets continue to be volatile and supply chains continue to be challenged. As we anticipated, the benefit of increased selling prices was partially offset by higher input costs, which resulted in relatively stable gross margin when compared to the third quarter of 2020. The improvement in gross profit was primarily due to the pricing actions taken throughout the third quarter of 2021. Gross profit in the third quarter of 2021 increased $45.3 million, or 10%, while gross margin decreased 10 basis points to 35.5%. Physical case volume and net sales increased 3.3% and 12%, respectively, for the first nine months of 2021. We experienced significant supply chain challenges with several of our Still beverage brands during the third quarter of 2021, which negatively impacted our growth trend in the Still beverage category. Still volume decreased 0.7%, while net sales increased 8%. Sparkling volume decreased 0.6% in the third quarter of 2021, outperforming the price elasticity historically associated with higher pricing. These pricing actions were taken to help offset increases to our major input costs including aluminum, PET resin and transportation costs. The increase in net sales was driven primarily by pricing actions taken throughout the third quarter of 2021 on most of our Sparkling and Still beverages. Net sales increased 10% to $1.46 billion in the third quarter ( c), while physical case volume decreased 0.6%. “I am thankful for our amazing teammates, who continue to adapt and persevere through so many challenges, to ensure we serve our customers, our shareholders and our communities with excellence.” Frank Harrison, III, Chairman and Chief Executive Officer. Our 60% growth in income from operations is even more remarkable when considering the pandemic-related challenges and supply chain disruptions across many industries,” said J. “Our results through the first nine months of 2021 reflect a strong balance of volume growth, price realization and prudent operating expense management. (NASDAQ: COKE) today reported operating results for the third quarter and first nine months ended October 1, 2021. 09, 2021 (GLOBE NEWSWIRE) - Coca-Cola Consolidated, Inc. Third Quarter and First Nine Months 2021 ReviewĬHARLOTTE, N.C., Nov.
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