Summary by Moomoo AI
Coca-Cola Consolidated reported strong Q2 2024 results with net sales increasing 3.3% to $1.8B and operating income rising 11% to $259.1M. Gross margin improved 130 basis points to 39.9%, driven by Q1 pricing actions and stable commodity costs. Operating margin expanded to 14.4% from 13.4% year-over-year.Physical case volume declined 1.2% in Q2, with sparkling beverages remaining flat while still beverages dropped 3.5%. The company saw strong performance in multi-serve can packages and key brands like Monster and POWERade, though Dasani and BODYARMOR showed weakness. Distribution changes for Dasani at Walmart reduced reported case sales by 0.8%.The company's capital investments in production capabilities for mini cans and small PET bottles have enabled better response to evolving consumer needs. Cash flow from operations strengthened to $437.1M in H1 2024, up from $383.3M in H1 2023. Capital expenditures are expected to be $300-350M for full-year 2024.
