Vending

Coca-Cola Consolidated boosts Q1 2021 sales, earnings

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May 12, 2021

Coca-Cola Consolidated Inc., the largest Coke bottler, posted positive results for the first quarter ending April 2, 2021, according to an earnings release.

• Net sales rose 8.5% from $1.17 billion in Q1 2020 to $1.27 billion in Q1 2021.
• Net income rose from $14.7 million ito $53.4 million.
• Basic net income per share rose 4.13% from $1.56 to $5.69.

Shares traded at $292.35 Tuesday against a 52-week range of $219.15-$318.12.

"Our business performed incredibly well in the first quarter of 2021 thanks to the continued hard work and dedication of our teammates," J. Frank Harrison, III, chairman and CEO, said in the press release. "While we face continued challenges in 2021, we are building on positive momentum from 2020 to deliver strong operating results so far this year."

Physical case volume increased 4.8% in the first quarter of 2021. Sparkling beverages maintained steady growth and certain still brands, including BodyArmor, AHA and Monster, also performed well versus the prior year.

Segment changes were:

• Sparkling bottle/can sales rose 9.4% from $634.7 million to $694.2 million.
• Still bottle/can sales rose 12.6% from $373.1 million to $420.1 million.
• Fountain sales declined 22.2% from $41.9 million to $32.6 million.

The first quarter of 2021 included one additional selling day compared to the first quarter of 2020 and impacted physical case growth rates by approximately 1%.

Sales in take-home channels continue to outpace other channels, but the company is seeing improvement in on-premise selling channels as COVID-related restrictions are being lifted.

"As we approach the summer months, we believe our business is well-positioned to stay agile and responsive to our customers," Harrison said.

For an update on how the coronavirus pandemic is affecting convenience services, click here.