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Commodity Spikes Hit Coke Consolidated Q2 Income

Posted On: 8/17/2011

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Coke, Coke Consolidated, Coke Consolidated second quarter 2011, Coca-Cola Bottling Co. Consolidated, independent Coca-Cola bottler, vending, vending machine, vending machine business, beverage industry, William Elmore

CHARLOTTE, N.C. -- Coca-Cola Bottling Co. Consolidated, the nation's largest independent Coca-Cola bottler, saw income drop 8% in the second quarter, hurt by higher raw material costs, including fuel, resin for bottles and sweetener.

Losses on fuel and aluminum hedges and a flood in the Nashville area also contributed to the second-quarter decline.

Net income fell to $11.1 million from $12 million a year earlier. Revenue rose 1% to $422.9 million from $417.4 million during the comparable period last year.

The bottler said the impact of high fuel prices has led to weak sales in convenience stores and other away-from-home locations, while performance in the food store channel remained strong.

"We continue to review our pricing and, whenever feasible, adjust to offset the higher costs," said Coke Consolidated chief operating officer William Elmore. "However, price increases have to be balanced against market conditions."