Coca-Cola Bottling Co. Consolidated reports Q3, first 9 months 2013 results
Revenue increase attributed to return of normal weather patterns
Coca-Cola Bottling Co. Consolidated, Charlotte, N.C., announced that it earned $16.2 million on net sales of $434.5 million for the third quarter of 2013, compared with a net income of $10.1 million on net sales of $419.9 million for the prior-year period.
On a comparable basis, the company earned $12.7 million in the third quarter of 2013, versus $9.8 million in the prior-year quarter, it reports.
For the first nine months of 2013, Coca-Cola Bottling Co. Consolidated earned $32.3 million on net sales of $1.247. billion, compared with a net income of $25.4 million on net sales of $1.227 billion for the first nine months of 2012.
On a comparable basis, the company earned $28.8 million in the first nine months of 2013, versus $26.4 million in the first nine months of 2012.
“We are pleased to report strong third-quarter results driven by growth in both volume and pricing,” said J. Frank Harrison III, chairman and chief executive officer, in a statement. “After a challenging first half of 2013, we saw a return of more normal weather patterns during the third quarter, which helped drive revenue growth of 3.5 percent and earnings per share growth, on a comparable basis, of 30 percent in the third quarter. The growth in earnings per share continued to be driven by lower interest expense, a benefit of our long-term debt reduction strategy. We are maintaining our long-term focus on growing our business and investing in the brands we sell and the communities we serve. Our work on acquiring new territory is continuing and we are excited about the possibility of increasing the opportunities for territory growth in our Coca-Cola franchise.”
Hank Flint, president and chief operating officer, added in a statement: “Our third-quarter results reflect a more favorable selling environment than we experienced during the first half of 2013. The increase in revenue and favorable trends in pricing on key raw materials drove stronger gross margin growth. The gross margin growth, combined with an intense focus on controlling operating costs, led to an increase in operating income of 10 percent over the third quarter of 2012. We are focused on continuing to drive top-line growth while driving efficiency throughout our operations to grow earnings for the remainder of 2013. We are grateful to our employees for their extraordinary efforts to deliver 2013 results while growing our longer-term business opportunities.”