Coca-Cola Bottling Co. Consolidated announces 2016 financial results
Company sees increase for both full year and fourth quarter
Coca-Cola Bottling Co. Consolidated, Charlotte, N.C., reported operating results for the fourth quarter and the year, which ended Jan. 1, 2017.
Frank Harrison, chairman and chief executive officer, said in a statement: “We are pleased to close another successful year with solid organic growth in our business along with continued expansion through acquisitions. Since the first announcement of our territory expansion in 2013, the company has nearly doubled its net sales to over $3 billion in 2016. We have also grown our employee base, adding over 7,000 new members to the Coca-Cola Consolidated family. We are most thankful for the ongoing and outstanding efforts of all of our employees who are responsible for our strong operating results and the successful integration of our new territories.”
Consolidated net sales in the fourth quarter of 2016 increased to $841.6 million, compared with $221.8 million in the fourth quarter 2015, while consolidated net sales in full year 2016 increased 36.9 percent to $3.16 billion, the company says. The increases in the fourth quarter and full year 2016 were primarily driven by acquisitions and an increase in comparable net sales of 6.3 and 7 percent, respectively, it says. The increases in comparable net sales in the fourth quarter and full year 2016 were primarily driven by an increase in comparable equivalent unit case volume of 5.6 and 4.9 percent, respectively, it adds. Products in both the sparkling and still portfolios contributed to volume increases, it says.
Consolidated income from operations increased to $20.9 million in the fourth quarter, while consolidated income from operations for the year increased 30.3 percent to $127.9 million. These increases were driven by acquisitions and an increase in comparable income from operations of 20.7 and 21.8 percent, respectively, the company says.
Comparable income from operations increased to $24.9 million in the fourth quarter and $135.1 million for the full year, it adds. BI