EX-99.1 2 cokeq32024ex-991.htm EX-99.1 Document
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ニュースリリース


コカコーラコンソリデーティッドが報告する
第三四半期 2024年の最初の9か月の結果

■2024年第3四半期の純売上高は、2023年第3四半期比で3%増加しました。

■2024年第3四半期の粗利益は69800万ドルで、2023年第3四半期比5.5%増加しました。2024年第3四半期の粗利率はベースポイントで90ポイント改善しました。(a) 39.5%。

■2024年第3四半期の営業利益は2億2700万ドルで、前年同期比で1億100万ドル、または5%増加しました。2024年第3四半期の営業利益率は12.9%で、前年の同四半期の12.6%に比べて、ベースポイントで30増加しました。

キーリザルト
 
第三四半期
初めての9ヶ月
（百万ドル）20242023変化20242023変化
Standard physical case volume89.991.8(2.1)%263.4266.8(1.3)%
売上高$1,765.7$1,712.43.1%$5,153.2$5,022.92.6%
粗利益$698.0$661.65.5%$2,055.3$1,957.25.0%
粗利率39.5 %38.6 %39.9 %39.0 %
営業利益$227.1$216.35.0%$701.6$656.07.0%
営業利益率12.9 %12.6 %13.6 %13.1 %
飲料の販売
第三四半期
初めての9ヶ月
（百万ドル）20242023変化20242023変化
スパークリングボトル/缶$1,034.7$977.75.8%$3,025.9$2,892.14.6%
スティルボトル/缶$585.5$576.01.7%$1,694.7$1,660.52.1%



2024年第3四半期及び第1四半期のレビュー

2024年9月27日に終了した第3四半期および2024会計年度の最初の9か月の運営成績を報告したCoca-Cola Consolidated, Inc.（ナスダック：COKE）は、2024年10月30日、シャーロットで報告しました。

「第3四半期の業績は、当社のビジネスの運営基盤への着実な焦点を反映しています。世界クラスの飲料ポートフォリオに対する強力な商業的な実行、適切な費用管理、そして当社が日々行う活動の中心にある目的志向の文化の構築があります」と、J. Frank Harrison, III会長兼最高経営責任者は述べています。続けて「当社の堅調な成長は、チームメンバーの献身と、ビジネスに再投資して長期的な価値を築くという当社のコミットメントの証しです。」

「私たちは運営結果に満足していますが、ハリケーンヘレンの影響で西ノースカロライナと東テネシーのチームメイトやサービスを提供しているコミュニティが信じられないほどの損失を被った。」とハリソン氏は続けました。「地域コミュニティへの支援は、私たちの文化と会社の基盤です。影響を受けた地域を積極的に支援し、救済組織と協力してチームメイトや顧客、地域が破壊から回復するのを手助けしています。」

2024年第3四半期の売上高は31%増の18億ドルとなり、2024年の最初の9か月間には26%増の52億ドルに達しました。スパークリングおよびスティルの売上高は、それぞれ前年の第3四半期と比較して5.8%増と1.7%増となりました。売上高の改善は、2024年第1四半期に行われたスパークリング製品の出来高増および価格措置によるものです。

2024年第3四半期の標準物理ケースの出来高は2.1%減少し、年初からの最初の9か月間で1.3%減少しました。2024年の最初の9か月間については、比較可能な(b) 標準物理ケースの出来高は、2023年の初めの9か月間と比較して0.9%減少しました。これには1日分の追加売り日が含まれています。第3四半期には、大規模小売店で販売されたマルチサーブ缶パッケージが引き続き強力なパフォーマンスを発揮し、スパークリングカテゴリの出来高は0.8%増加しました。一方、まだカテゴリの物理ケースの出来高は2024年第3四半期に9.7%減少しました。

2024年第2四半期の結果に明記されているように、私たちはウォルマート店舗で販売されているケースパックのダサニ水の配布方法を直接店舗配送（DSD）方式に変更しました。 その結果、これらのケースは2024年に報告されたケース販売に含まれていません。 この配布変更の2024年の影響により、第3四半期には報告されたケース販売が1.8％、最初の9か月間には0.9％減少しました。

「第3四半期の結果は、スパークリングの出来高の成長、マージン改善、そして継続的な強力な商業施行の力を反映しています」と、デイブ・カッツ、社長兼最高執行責任者は述べています。今四半期、スパークリングの売上高はほぼ6%成長し、ブランドの強さと価格とパッケージの戦略の成功を反映しています。DasaniとBodyArmorブランドのパフォーマンスを向上させる機会はありますが、ビジネスのこのセグメントを強化するために設計された今後のスティルカテゴリの商品に期待しています。」



2024年第三四半期の粗利益は6億9800万ドルで、3600万ドル、または5.5%増加しました。 粗利率は90ベーシスポイント改善して39.5%に向上しました。 2024年第一四半期に行われた価格調整と安定したベンチマーク価格が、粗利率の全体的な改善に寄与しました。 さらに、弊社の製品ミックスは、一般的に粗利率の高いスパークリング飲料にシフトし、2024年第三四半期に高い粗利益をもたらしました。 2024年の最初の9か月間の粗利益は21億ドルで、9810万ドル、または5.0%増加しました。

キャッシュフローの強さと安定性により、ビジネスへの再投資を続け、サプライチェーンを強化し、会社全体の成長をサポートしてきました、とカッツ氏は述べました。四半期中にテネシー州ナッシュビルのリース施設を5,600万ドルで購入しました。今や、我々は運用上の戦略的資産であると考えている全ての生産施設を所有しています。

2024年第3四半期の販売、配送、一般管理（以下「SD&A」という）費用は、2,570万ドル、5.8%増加しました。第3四半期のSD&A費用は、売上高に対する割合である70ベースポイント増の26.7%増加しました。2024年第3四半期と2023年第3四半期を比較してのSD&A費用の増加は、年次賃金調整と2024年の強力な業績を反映した増加したインセンティブ報酬の備えに関連する主に労務コストの増加が主な要因でした。2024年初めの9ヵ月間のSD&A費用は、5,250万ドル、4.0%増加しました。2024年初めの9ヵ月間における売上高に対するSD&A費用の割合は、40ベースポイント増の26.3%となり、2023年初めの9ヵ月間と比較して増加しました。

2024年第3四半期の営業収益は2億2710万ドルであり、2023年第3四半期の2億1630万ドルと比較して、5.0%増加しました。2024年の最初の9ヶ月間における営業収益は4560万ドル増の7億1600万ドルに増加し、増加率は7.0%です。2024年の最初の9ヶ月間の営業利益率は13.6%であり、2023年の最初の9ヶ月間の13.1%と比較して、50ベーシスポイント上昇しました。

2024年第3四半期の当期純利益は1億1560万ドルで、2023年第3四半期の9,210万ドルと比較して、2350万ドルの改善がありました。2024年第3四半期と2023年第3四半期の当期純利益は、当社の買収に関連するコンティンジェントな負債の将来のキャッシュフロー予測の増加と割引率の変更によって駆動されるルーチンで非現金の公正な価値調整によって不利に影響を受けました。

2024年の第1四半期から第3四半期までの当期純利益は4億5420万ドルで、2023年の同じ期間の3億3250万ドルと比較して1億2160万ドル増加しました。調整後(b) 2024年の第1四半期から第3四半期までの当期純利益は5億2190万ドルで、2023年の同じ期間の4億8830万ドルと比較して3億3600万ドル増加しました。2023年の第1-3四半期の当期純利益は、前年における主要年金計画給付債務の清算により、1億1710万ドルの非現金費用が発生しました。2024年の第1-3四半期の法人税費用は1億5640万ドルで、


$112.4 million for the first nine months of 2023, resulting in an effective income tax rate of 25.6% and 25.3% for the first nine months of 2024 and 2023, respectively.

Cash flows provided by operations for the first nine months of 2024 were $707.9 million, compared to $644.5 million for the first nine months of 2023. Cash flows from operations reflected our strong operating performance during the first nine months of 2024. In the first nine months of 2024, we invested $287 million in capital expenditures as we continue to enhance our supply chain and invest for future growth. During the quarter, we purchased our leased Nashville, Tennessee production facility for approximately $56.0 million. For the full year of 2024, we expect capital expenditures to total approximately $350 million.

(a) All comparisons are to the corresponding period in the prior year unless specified otherwise.
(b) The discussion of the operating results for the third quarter ended September 27, 2024 and the first nine months of fiscal 2024 includes selected non-GAAP financial information, such as “comparable” and “adjusted” results. The schedules in this news release reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures.

CONTACTS:
Brian K. Little (Media)Scott Anthony (Investors)
Vice President, Corporate Communications OfficerExecutive Vice President & Chief Financial Officer
(980) 378-5537(704) 557-4633
Brian.Little@cokeconsolidated.comScott.Anthony@cokeconsolidated.com

About Coca-Cola Consolidated, Inc.
Headquartered in Charlotte, N.C., Coca‑Cola Consolidated (NASDAQ: COKE) is the largest Coca‑Cola bottler in the United States. We make, sell and distribute beverages of The Coca‑Cola Company and other partner companies in more than 300 brands and flavors across 14 states and the District of Columbia, to approximately 60 million consumers. For over 122 years, we have been deeply committed to the consumers, customers and communities we serve and passionate about the broad portfolio of beverages and services we offer. Our Purpose is to honor God in all we do, to serve others, to pursue excellence and to grow profitably.

More information about the Company is available at www.cokeconsolidated.com. Follow Coca‑Cola Consolidated on Facebook, X, Instagram and LinkedIn.


Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: increased costs (including due to inflation), disruption of supply or unavailability or shortages of raw materials, fuel and other supplies; the reliance on purchased finished products from external sources; changes in public and consumer perception and preferences, including concerns related to product safety and sustainability, artificial ingredients, brand reputation and obesity; changes in government regulations related to nonalcoholic beverages, including regulations related to obesity, public health, artificial ingredients and product safety and sustainability; decreases from historic levels of marketing funding support provided to us by The Coca‑Cola Company and other beverage companies; material changes in the performance requirements for marketing funding support or our inability to meet such requirements; decreases from historic levels of advertising, marketing and product innovation spending by The Coca‑Cola Company and other beverage companies, or advertising campaigns that are negatively perceived by the public; any failure of the several Coca‑Cola system governance entities of which we are a participant to function efficiently or on our best behalf and any failure or delay of ours to receive anticipated benefits from these governance entities; provisions in our beverage distribution and manufacturing agreements with The Coca‑Cola Company that could delay or prevent a change in control of us or a sale of our Coca‑Cola distribution or manufacturing businesses; the concentration of our capital stock ownership; our inability to meet requirements under our beverage distribution and manufacturing agreements; changes in the inputs used to calculate our acquisition related contingent consideration liability; technology failures or cyberattacks on our information technology systems or our effective response to technology failures or cyberattacks on our customers’, suppliers’ or other third parties’ information technology systems; unfavorable changes in the general economy; the concentration risks among our customers and suppliers; lower than expected net pricing of our products resulting from continued and increased customer and competitor consolidations and marketplace competition; the effect of changes in our level of debt, borrowing costs and credit ratings on our access to capital and credit markets, operating flexibility and ability to obtain additional financing to fund future needs; the failure to attract, train and retain qualified employees while controlling labor costs, and other labor issues; the failure to maintain productive relationships with our employees covered by collective bargaining agreements, including failing to renegotiate collective bargaining agreements; changes in accounting standards; our use of estimates and assumptions; changes in tax laws, disagreements with tax authorities or additional tax liabilities; changes in legal contingencies; natural disasters, changing weather patterns and unfavorable weather; climate change or legislative or regulatory responses to such change; and the impact of any pandemic or public health situation. These and other factors are discussed in the Company’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them, except as may be required by applicable law.

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FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Third QuarterFirst Nine Months
(in thousands, except per share data)2024202320242023
Net sales$1,765,652 $1,712,428 $5,153,221 $5,022,902 
Cost of sales1,067,616 1,050,878 3,097,916 3,065,669 
Gross profit698,036 661,550 2,055,305 1,957,233 
Selling, delivery and administrative expenses470,981 445,290 1,353,704 1,301,249 
Income from operations227,055 216,260 701,601 655,984 
Interest expense (income), net2,187 (1,516)(2,149)2,766 
Pension plan settlement expense— 77,319 — 117,096 
Other expense, net69,305 19,473 93,127 91,184 
Income before taxes155,563 120,984 610,623 444,938 
Income tax expense 39,939 28,891 156,446 112,399 
Net income$115,624 $92,093 $454,177 $332,539 
Basic net income per share:
Common Stock$13.20 $9.82 $49.71 $35.47 
Weighted average number of Common Stock shares outstanding7,756 8,369 8,141 8,369 
Class B Common Stock$13.20 $9.82 $49.25 $35.47 
Weighted average number of Class B Common Stock shares outstanding1,005 1,005 1,005 1,005 
Diluted net income per share:
Common Stock$13.18 $9.80 $49.59 $35.38 
Weighted average number of Common Stock shares outstanding – assuming dilution8,772 9,395 9,158 9,398 
Class B Common Stock$13.18 $9.79 $49.00 $35.29 
Weighted average number of Class B Common Stock shares outstanding – assuming dilution1,016 1,026 1,017 1,029 



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FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)September 27, 2024December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$1,236,006 $635,269 
Short-term investments215,044 — 
Trade accounts receivable, net556,701 539,873 
Other accounts receivable135,280 119,469 
Inventories334,681 321,932 
Prepaid expenses and other current assets93,421 88,585 
Total current assets2,571,133 1,705,128 
Property, plant and equipment, net1,454,746 1,320,563 
Right-of-use assets - operating leases102,330 122,708 
Leased property under financing leases, net3,550 4,785 
Other assets170,304 145,213 
Goodwill165,903 165,903 
Other identifiable intangible assets, net804,758 824,642 
Total assets$5,272,724 $4,288,942 
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of obligations under operating leases$22,323 $26,194 
Current portion of obligations under financing leases2,635 2,487 
Dividends payable21,902 154,666 
Accounts payable and accrued expenses993,995 907,987 
Total current liabilities1,040,855 1,091,334 
Deferred income taxes110,510 128,435 
Pension and postretirement benefit obligations and other liabilities961,691 927,113 
Noncurrent portion of obligations under operating leases85,863 102,271 
Noncurrent portion of obligations under financing leases3,036 5,032 
Long-term debt1,785,782 599,159 
Total liabilities3,987,737 2,853,344 
Equity:
Stockholders’ equity1,284,987 1,435,598 
Total liabilities and equity$5,272,724 $4,288,942 



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FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
First Nine Months
(in thousands)20242023
Cash Flows from Operating Activities:
Net income$454,177 $332,539 
Depreciation expense, amortization of intangible assets and deferred proceeds, net143,179 131,296 
Fair value adjustment of acquisition related contingent consideration90,877 86,038 
Deferred income taxes(18,030)(34,881)
Pension plan settlement expense— 117,096 
Change in current assets and current liabilities55,763 35,791 
Change in noncurrent assets and noncurrent liabilities(23,650)(29,935)
Other5,577 6,605 
Net cash provided by operating activities$707,893 $644,549 
Cash Flows from Investing Activities:
Additions to property, plant and equipment$(287,333)$(152,260)
Purchases and disposals of short-term investments(211,256)— 
Other(9,369)(8,603)
Net cash used in investing activities$(507,958)$(160,863)
Cash Flows from Financing Activities:
Proceeds from bond issuance$1,200,000 $— 
Payments related to share repurchases(574,009)— 
Cash dividends paid(163,733)(42,182)
Payments of acquisition related contingent consideration(44,243)(20,979)
Debt issuance fees(15,365)(244)
Other(1,848)(1,712)
Net cash provided by (used in) financing activities$400,802 $(65,117)
Net increase in cash during period$600,737 $418,569 
Cash at beginning of period635,269 197,648 
Cash at end of period$1,236,006 $616,217 




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COMPARABLE AND NON-GAAP FINANCIAL MEASURES(c)
The following tables reconcile reported results (GAAP) to comparable and adjusted results (non-GAAP):

Third Quarter 2024
(in thousands, except per share data)Gross profitSD&A expensesIncome from operationsIncome before taxesNet income Basic net income per share
Reported results (GAAP)$698,036 $470,981 $227,055 $155,563 $115,624 $13.20 
Fair value adjustment of acquisition related contingent consideration— — — 68,592 51,652 5.68 
Fair value adjustments for commodity derivative instruments(1,426)(631)(795)(795)(599)(0.07)
Total reconciling items(1,426)(631)(795)67,797 51,053 5.61 
Adjusted results (non-GAAP)$696,610 $470,350 $226,260 $223,360 $166,677 $18.81 
Adjusted % Change vs. Third Quarter 2023
5.3 %5.5 %5.0 %

Third Quarter 2023
(in thousands, except per share data)Gross profitSD&A expensesIncome from operationsIncome before taxesNet income Basic net income per share
Reported results (GAAP)$661,550 $445,290 $216,260 $120,984 $92,093 $9.82 
Fair value adjustment of acquisition related contingent consideration— — — 18,864 14,212 1.51 
Fair value adjustments for commodity derivative instruments25 703 (678)(678)(510)(0.05)
Pension plan settlement expense— — — 77,319 58,225 6.22 
Total reconciling items25 703 (678)95,505 71,927 7.68 
Adjusted results (non-GAAP)$661,575 $445,993 $215,582 $216,489 $164,020 $17.50 


















Results for the first nine months of 2023 include one additional selling day compared to the first nine months of 2024. For comparison purposes, the estimated impact of the additional selling day in the first nine months of 2023 has been excluded from our comparable(b) volume results.

 First Nine Months 
(in millions)20242023Change
Standard physical case volume263.4 266.8 (1.3)%
Volume related to extra day in fiscal period— (0.9)
Comparable standard physical case volume263.4 265.9 (0.9)%

First Nine Months 2024
(in thousands, except per share data)Gross profitSD&A expensesIncome from operationsIncome before taxesNet income Basic net income per share
Reported results (GAAP)$2,055,305 $1,353,704 $701,601 $610,623 $454,177 $49.71 
Fair value adjustment of acquisition related contingent consideration— — — 90,877 68,430 7.48 
Fair value adjustments for commodity derivative instruments(1,345)(420)(925)(925)(697)(0.08)
Total reconciling items(1,345)(420)(925)89,952 67,733 7.40 
Adjusted results (non-GAAP)$2,053,960 $1,353,284 $700,676 $700,575 $521,910 $57.11 
Adjusted % Change vs. First Nine Months 2023
4.9 %4.2 %6.2 %

First Nine Months 2023
(in thousands, except per share data)Gross profitSD&A expensesIncome from operationsIncome before taxesNet income Basic net income per share
Reported results (GAAP)$1,957,233 $1,301,249 $655,984 $444,938 $332,539 $35.47 
Fair value adjustment of acquisition related contingent consideration— — — 86,038 64,787 6.91 
Fair value adjustments for commodity derivative instruments1,517 (2,211)3,728 3,728 2,807 0.30 
Pension plan settlement expense— — — 117,096 88,173 9.41 
Total reconciling items1,517 (2,211)3,728 206,862 155,767 16.62 
Adjusted results (non-GAAP)$1,958,750 $1,299,038 $659,712 $651,800 $488,306 $52.09 

(c) The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP financial measures provide users of the financial statements with additional, meaningful financial information that should be considered, in addition to the measures reported in accordance with GAAP, when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting.