bottler, vending, vending machine, beverage vending, Coca-Cola Bottling Co. Consolidated, Coke, Frank Harrison
CHARLOTTE, NC -- Despite higher revenues, Coca-Cola Bottling Co. Consolidated said its third-quarter net income fell 37% as its costs rose more than 9%.
Net income for the quarter was $9.8 million, or $1.06 a share, compared with $15.5 million, or $1.69 per share, a year earlier. Revenue grew to $405.9 million, up from $395.4 million.
"2011 has been a challenging year as the economy remains weak and commodity costs continue to increase at rates that exceed the rate of inflation," said chairman and chief executive Frank Harrison.
The company said it has seen strength in value-oriented channels such as food and dollar stores and weakness in the convenience and on-premise channels.
Officials also said the highly competitive market makes it difficult for the bottler to immediately pass along all of its cost increases.
